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.
Silverjet, a firm that operates in the air transport sector, has announced that it is to close its site in Luton with the loss of 420 jobs. The announcement of the closure follows the firm entering administration. Previously, it had been hoped that a deal could be brokered to save the jobs through the sale of Silverjet to the investment firm Kingspace. However, employees at Silverjet were made redundant on 13th June 2008 following the collapse of the deal. Begbies Traynor, the administrators of Silverjet, stated:
‘We are extremely disappointed to have had to make these redundancies, which we have been working hard to prevent.’
370 pilots and cabin crew and 50 administrative staff were employed at the Luton site. Analysts have attributed the bankruptcy of Silverjet to the rising cost of fuel and a general decline in trading conditions in the air transport sector.
Eurofound (2008), Silverjet, Bankruptcy in United Kingdom, factsheet number 66736, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66736.