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.
Spanish airport handling services company Newco has signed a redundancy plan envisaging the loss of 1,150 jobs. The original plan presented to the labour authority entailed a higher number of redundancies - i.e. 1,400 staff. The move follows the bankruptcy of Spanish airline Spanair (see here), which was its main customer.
The firm managed to save 250 jobs to keep providing services to other airlines companies in other airports such as Barcelona, Vigo, Madrid and Las Palmas (Gran Canaria). Compensation for the job losses will be paid throught the Social Guarantee Fund (Fogasa).
Eurofound (2012), Newco, Internal restructuring in Spain, factsheet number 73341, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73341.