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 21 September 2008, the Greek Minister of Transport announced that 49% of the shares of Olympic Airlines - the Greek air transport company - will be sold to a new investor by the end of the year. The company's brand name will not be changed and a voluntary exit program will be applied to 2,745 employees.
In 2007, Olympic Airlines announced the loss of 4,000 to 4,500 jobs across Greece. Olympic Airlines employs 9,000, and the restructuring is due to financial problems that the company is experiencing. The job losses will affect staff on fixed-term contracts and are to be implemented by the end of August 2008.
Details about Olympic Airlines case are available on the European Industrial Relations Observatory (EIRO).
For information on further developments, see the newer EIRO factsheet.
Eurofound (2007), Olimbic Airlines, Internal restructuring in Greece, factsheet number 66074, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66074.