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.
Ózdi Finomhengermű "Munkás" Kft, a metallurgy company based in Northern Hungary, Ózd, was closed down in summer of 2006 and its 500 employees have been dismissed. Severe financial difficulties have persisted since last year, salaries of employees were not paid at the end of the year. Finomhengermű Munkás Kft was owned by Rif and Stanfield, Ukrainian company registered in the UK, but since summer 2006 a liquidation and asset manager has been handling issues related to selling the plant and restarting the production. Zsolt Gulyik, liquidation manager, explained that unclear ownership issues hinder selling the company, although negotiations have been started with interested Slovakian, German and American investors. He added that ownership issues are likely to be settled in the next 2-3 months and production may restart at the Ózd plant in spring 2007. István Vitkó, former trade union leader, claimed that the town's local authorities did not participate in resolving the fate of the company.
Eurofound (2006), Finomhengermű Munkás Kft, Closure in Hungary, factsheet number 64341, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64341.
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