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.
The traditional Styrian AST construction company, which went bankrupt in mid-January 2008, has announced that it is to cut 205 jobs with the closure of its construction sites by the end of June 2008. In February 2008, the business activities will be maintained with 59 staff only. In June 2008, when the company will eventually close its doors, the workforce is planned to be reduced to 18 employees only. No information has been reported on the causes of the company’s insolvency.
AST was acquired in 2003 by the Germany-based Wolff&Müller construction group and has subsidiaries in Poland, the Czech Republic, Slovakia, Croatia, Hungary and Romania. The future of these subsidiaries is uncertain.
Eurofound (2008), AST, Bankruptcy in Austria, factsheet number 66249, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66249.