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 temporary work agency Connect has filed for bankruptcy for four of its subsidiaries, all of them located in Upper Austria, affecting 780 employees in total. The liabilities amount to € 14 million in total, while assets worth € 4 million could be secured. According to media reports, the insolvency has been caused by a dramatic decline in revenues due to the current economic downturn. It has remained unclear so far whether all the workers affected stand to lose their jobs. The regional government of Upper Austria has announced the opportunity for the employees affected to enter a special regional re-employment scheme co-financed by the province of Upper Austria and the Labour Market Service (AMS).
Eurofound (2009), Connect, Bankruptcy in Austria, factsheet number 69192, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69192.