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.
Updated, 21/08/12: Air Malta, Malta's national airline carrier, announced that it needs to continue to undergo further job cuts bringing its 1000 current employees down to 800. These cuts will come on top of previously announced 200 job cuts.
Last year the airline had declared that its restructuring would require 569 job cuts. To date, the company is 369 redundancies short of their target as the company only managed to shed 200 jobs.
Air Malta stated that its operating loss for the year which ended in March was €29.8 million and is planning to halve its losses in the current year. In order to achieve this goal, the company is also adopting a range of marketing and cost-cutting measures, namely, a rebranding exercise, fuel hedging agreements and new catering and maintenance contracts.
In June 2012, the European Commission sanctioned the government's five-year restructuring plan to save the airline by approving €130 million in state aid.
Eurofound (2011), Air Malta, Internal restructuring in Malta, factsheet number 72132, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72132.