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.
Manufacturing Manufacture Of Food And Beverage Manufacture Of Beverages 11.01 - Distilling, rectifying and blending of spirits
100 jobs Number of planned job losses
Announcement Date
19 August 2006
Employment effect (start)
Foreseen end date
Description
The executive board of Polmos Szczecin, a vodka distiller, has applied to the courts for announcement of its bankruptcy. The company’s outstanding debt amounts to PLN 34 million. The difficulties of Polmos Szczecin are rooted in the delayed privatisation of Poland’s distilling industry. Polmos Szczecin is a State Treasury company. It posted a net loss of PLN 6.3 million for 2005. The prevailing uncertainty caused by the planned privatisation, much touted by the State Treasury but hereto unexecuted, has left the company without any concrete growth plans, and it is overdue for restructuring. Tentative plans by the Polish state authorities provide for including Polmos Szczecin either in the Polish spirits group or in the agricultural group to be formed by consolidating a number of state-owned food producers, including Krajowa Spółka Cukrowa (a sugar refiner).
The 100-person workforce is facing job loss.
Sources
20 August 2006: Rzeczpospolita
Citation
Eurofound (2006), Polmos Szczecin, Bankruptcy in Poland, factsheet number 63948, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63948.
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