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.
Aero Airlines, an Estonian-registered subsidiary of the Finnish airline Finnair, was shut down in Tallinn in January 2008 dismissing 130 employees.Aero Airlines, founded in 2001, was offering international scheduled services between Tallinn and Helsinki and between three Finnish destinations. In January 2008 the company ceased its operations because of the new strategy of Finnair. In 2007 there were dicussions regarding the possibility of concentrating on charter flights in Aero Airlines, but its Estonian background was considered to diminish the possible profits. Additional problems are related to the wages which increase too fast in Estonia and the working and rest time act that is stricter in Estonia than in Finland and than in the European Union in general.However, the employees affected by the job cuts are offered work in the parent company Finnair in Helsinki. Some 25-30 empolyees are already willing to continue working in Finnair but the managers of Aero Airlines hope that the number will increase to 50-60.
Eurofound (2007), Aero Airlines, Closure in Estonia, factsheet number 66319, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66319.
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