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.
Újkígyósi Falemez Üzem Kft., a producer of plywood and wood supplier of the furniture industry, dismissed 120 workers as the company was unable to settle its HUF 1000 million (EUR 3,279,000) debt with its creditors. Problems arose right after the company changed its legal status to limited liability company early in the summer 2008. The company was not able to pay workers' wages from July and finally, from September onwards, it stopped production. The company is currently under liquidation process. Although a few years ago the company employed almost 300 workers, the number of employees descreased to approximately 150 by summer 2008, going further down to its current number of 120. The affected workers hope to receive their unpaid salaries from the state-run wage guarantee fund as they are being dismissed within a mass redundancy plan.
Eurofound (2008), Újkígyósi Falemez Üzem, Closure in Hungary, factsheet number 68426, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68426.