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.
The pharmaceutical company Thissen, subsidiary of NextPharma group is about to close its laboratory in Wallonia in Braine-l'Alleud. The closure will concern its entire workforce (about 350). The closure of the location follows its filing for bankruptcy.
The company is facing problems of cash assets involving an insolvent company. The bankruptcy is therefore due to both a loss of important customers like Pfizer (which represents 20% of Thissen's turnover) and the parent company that stopped supporting Thissen by giving them cash assets.
Currently, the Belgian Government is trying to find companies that would be interested in taking over the laboratory and its workers. At the same time, even if Thissen has declared bankruptcy, the company must wait for the court's response about the future of the firm. The outcome of the court decision might be a judiciary reorganization of the company which would preserve the continuity of the company's activities under a judicial monitoring.
The unions' response was to stop all activities of laboratories. Subsequently, the situation escalated when members of the management were held for 24 hours until police intervention on the 16th of November.
Eurofound (2011), Laboratoires Thissen, Bankruptcy in Belgium, factsheet number 72756, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72756.