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.
Hiiu Kalatööstus is a fish factory that is situated on a small island off Estonia (10 000 inhabitants). The company was founded in July 2005 after bankruptcy of another fish factory in Kõrgessaare. Economic problems of Hiiu Kalatööstus started in the beginning of 2006 when the export to Ukraine stopped due to the increased charges. The Estonian market is too small for the quantity of production.
The work in the factory was stopped in March and today about a hundred of people are on unpaid leave. The announcement of the bankruptcy is postponed to September when the employees who have been worked less than 12 months will become eligible for unemployment benefits.
Eurofound (2006), Hiiu Kalatööstus, Bankruptcy in Estonia, factsheet number 63780, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63780.