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 Icelandic owned and Danish-based low-fare carrier, Sterling, went bankrupt in October 2008 with the loss of 430 jobs. For a long time, the Danish investment fund Axcel has made attempts to take over Sterling, including aeroplanes and staff. In the end these attempts failed, among other things, due to the divergence of views between the unions about the agreement to be signed with Axcel. On 20 November, Axcel announced that they had cancelled the offer; hence the 430 employees were without jobs.
On 4 December the Danish airline company, Cimber, announced that they had bought Sterling with the aim to enter the European charter market. The aeroplanes and staff, however, are not part of the take-over. Cimber has announced that they hope to be able to employ a number of the redundant Sterling staff as soon as they open new destinations.
Eurofound (2008), Sterling Airlines, Bankruptcy in Denmark, factsheet number 67611, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67611.