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.
On 20 May 2009, the competent commercial court announced the bankruptcy of Lot Ground Services (LGS)which will leave 1,420 persons unemployed by the end of 2009 in Warsaw. The court has now ruled on the commencement of the company's liquidation. LGS is a subsidiary of the Polish national airline LOT and handles ground services at Warsaw airport.
Most of the persons losing their jobs with LOT Ground Services, now in liquidation, are likely to find work with a new company, Lot Services, which will take over the tasks of the defunct company. Of LOT Ground Service's 1,350 employees, 1,100 will continue with the new entity, and approximately 100 will be offered early retirement. This will leave between 100 and 150 employees - most of them clerical and office staff - looking for new jobs.
Eurofound (2009), LOT Ground Services, Bankruptcy in Poland, factsheet number 68956, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68956.