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.
Bulgaria's insolvent steel mill Kremikovtsi is to dismiss 1,900 workers. The first group of 400 employees is expected to be dismissed by the end of March, while the remainder 1,500 layoffs will be completed by the end of spring. The downsizing comes in response to various assessments on labour productivity that have estimated that the plant needs a 2,800 to 4,200 workforce and the current one puts off investors. Hundreds of workers from Bulgaria's Kremikovtsi steel mill protested on Monday over planned lay-offs and unpaid salaries, demanding the government find a buyer for the insolvent plant.
UPDATE: Kremikovtsi declared bankruptcy on May 31, 2010 and has not operated since. On April 12, 2011, Eltrade Company has won the fourth auction for insolvent Bulgarian steelmaker Kremikovtsi as it turned to be the only bidder for the assets. The Bulgarian authorities applied for aid from the European Globalisation Adjustment Fund (EGF) and the application has been rejected.
Eurofound (2009), Kremikovtsi, Bankruptcy in Bulgaria, factsheet number 71978, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71978.