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.
North Hungarian Chemical Works Ltd. (Észak-Magyarországi Vegyiművek - ÉMV), the agro-chemicals producer, went into liquidation on 6 November due to its debts amounting to several billions of HUF. ÉMV, currently owned by TRI Chemical Rt., was established in 1949 as a state-owned company. ÉMV's 270 employees have been on forced holiday, their salaries have not been paid since July. Liquidation manager, György Sámoly, started negotiations with the works council, and the County Employment Office has been notified of the situation. As a result of the negotiations, salaries of employees will be paid from the Wage Guarantee Fund in the coming days. A new business plan, which is a prerequisite of restarting production at the site, is under progress.
Eurofound (2006), Észak-magyarországi Vegyiművek, Closure in Hungary, factsheet number 64450, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64450.