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.
On 13 February 2006 the shipping company Birka Line, announced its plans to sell off one of its two cruise liners. At the time it was announced that with the sale of the 21,500 GRT Birka Princess, 250 jobs would be lost, among them 230 of employees working on board. The Birka Princess is to be bought by the Cyprus-based tourism enterprise, Louis Public Company for around US$35 million. The ship will have changed owners by the end of March. Birka Line justified the selling of the vessel by the company's unprofitable operation and the changes that are taking place in the cruise line industry. Birka Line employs a total of 900 workers.
Updating the information on the dismissal procedure, Helsingin Sanomat reported on 21 March 2006, that negotiations with the trade unions were almost been concluded. 145 employees will be dismissed, 122 of whom had received their notice on Monday, 20th of March. In addition to dismissals, the company has offered transfers to other jobs within the shipping company to about 60 employees.
The overall figure of job cuts due to the sale is now given as 280 jobs.
Eurofound (2006), Birka Line, Internal restructuring in Finland, factsheet number 62969, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62969.