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 10 January 2011 the managing board of Cerbona announced the liquidation of the company and the subsequent dismissal of almost 400 employees (322 at the company, and around 80 at the subsidiaries). The last year has been a difficult one for Cerbona, which defaulted on loans of 6 billion HUF to creditors and has been forced to pay 145 Million HUF in fines for participating in a food industry cartel. The management asked for protection against bankruptcy in November 2010 and was granted 90 days, but could not find any willing investors to save the company from insolvency.
Eurofound (2011), Cerbona, Bankruptcy in Hungary, factsheet number 71436, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71436.