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 24 March 2006, only three years after its starting, the small air carrier Styrian Spirit with headquarters in Graz, immediately stopped its operations because of insolvency. As a consequence, all scheduled flights had to be cancelled at short notice. The companys liabilities as of March 2006 amounted to EUR 44 million. The management sent a notification of the planned dismissal of all 152 employees involved to the Labour Market Service (AMS) still on that day. Only a few days prior, possible investors had abandoned their interest plans.
Eurofound (2006), Styrian Spirit, Bankruptcy in Austria, factsheet number 63228, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63228.