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.
PSM, a paper manufacturing company, has announced its bankruptcy with the loss of 220 jobs in Pont-Sainte-Maxence, in North Paris. PSM was placed in compulsory administration in summer 2008 and consequently has to dismay the overall workforce. The closure follows a review by the company of its production activities.
The CEO is suspected of having illegally transferred some 6 millions euros to another company, based in Slovakia.
The plant, whose sales reached 65 millions euros in 2006, against 80 millions euros two years earlier, would have recorded losses of more than 1.5 millions per month, according to the unions.
Eurofound (2008), PSM, Bankruptcy in France, factsheet number 67234, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67234.