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.
The Authority for State Assets Recovery (Autoritatea pentru Valorificarea Activelor Statului, AVAS) decided to close down the polyester yarns plant Moldosin in Vaslui (Nord-Est region, Vaslui county). The decision was reached after a cease of activity of more than six months, due to a lack of financial resources to buy raw materials, pay bills and wages.
The prefect of Vaslui county declared that despite every effort, no investor could be found to take over the plant.
Moldosin manufactured mainly cotton and cotton-type yarns.
With the closing down of the plant the 450 employees were advised by AVAS to choose between unemployment (so as to have a temporary source of income) and retaining their positions, in the hope that a restructuring programme would be carried out and redundant employees would be granted redundancy pay.
Moldosin was closed down in early August 2005, when the electric power supply was cut; arrears to the electric power provider had reached 10 billion lei. Since then, the 450 employees have not been paid their wages.
Eurofound (2006), Moldosin, Closure in Romania, factsheet number 63064, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63064.