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.
Bankruptcy has closed the Pannon Szárnyas Kft chicken processing plant in Győr, Hungary and 300 employees have been dismissed. The company had debts to the tune of over a billion forint (€3 million). Pannon Szárnyas has been grounded in 1998 and planned the processing and selling of 10-15 million chickens annually. In the second half of 2009 the company began to really struggle due to low sales prices and could no longer pay its employees. Since the announcement of the bankruptcy the trade union Vasas (www.vasasszakszervezet.hu) has arranged that outstanding wages will be reimbursed in October 2010 from the national Wages Guarantee Found.
Eurofound (2010), Pannon Szárnyas, Bankruptcy in Hungary, factsheet number 70871, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70871.