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.
SLG Bau, an Austrian construction company had to close down due to insolvency and thus all 180 jobs were lost. The construction company, which was formerly known as Lauggas, was specialised in structural and civil engineering, as well as installation. SLG Bau, which was based in Austria's easternmost province Burgenland, had applied for restructuring procedures without self administration in December 2010.
The rehabilitation process consequently failed in March 2011, causing the closure of the company. The reason for the insolvency lies in a major legal dispute with the water pipe association of Northern Burgenland. According to the file for bankruptcy, there were outstanding payments to SLG Bau from the water pipe association, which in turn had sued the company for damages.
Eurofound (2010), SLG Bau, Bankruptcy in Austria, factsheet number 71347, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71347.