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.
Szenna Pack, a maker of aerosol spray cans, is undergoing bankruptcy procedures affecting 140 jobs. The company has 90 days to avoid closure. Salaries have not been paid for the last three months.
Szenna Pack has invested HUF 4,5 billion in a production plant near Kaposvár (Hungary) which would boost efficiency 30-40% and double revenue to Ft 5 billion by next year, but the global economic crises has cut expectations.
With the investment, Szenna Pack intended to strengthen its position on the western European market as a supplier to multinational companies. Szenna Pack paid for the investment with its own funds, loans and HUF 300 million in subsidies from the state's Economic Competitiveness Operative Program.
Eurofound (2011), Szenna Pack, Bankruptcy in Hungary, factsheet number 72276, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72276.