Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
In line with the legal provision, Minbucovina, a state-owned company in Vatra Dornei (Nord-Est region, Suceava county), made 150 employees redundant in 2005.
In January 2006, new redundancy figures were approved by the Government Decision no. 78 of 19 January 2006.
Collective redundancies at Minbucovina will total 450 people, of which 150 people in 2005 and another 300 employees starting January 2006.
Minbucovina extracts non ferrous ores (copper, zinc and other complex metallic ores) from 15 sites located in the Suceava county (North-Eastern region).
The company registered a turnover of about €5.5 million in the first half of 2004.
In 2005, 20% of its shares are to be given to persons who were deprived of their assets by nationalisation before 1989.By law, redundant employees will receive compensatory payments and some more job cuts will follow in the years to come.
Eurofound (2005), Minbucovina, Internal restructuring in Romania, factsheet number 61856, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61856.