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.
On 3 August 2012, the Commercial court of Paris agreed to the plan of Fiducial to take-over Neo Security, specialized in security services. This will save 3,320 jobs, but Neo Security will see 1,426 jobs go. 167 employees working in the US Embassy in Paris have been taken on by G4S.
Neo Security had announced financial difficulties last spring and the management requested government support. The French government bought the company time to implement a solution by paying the employees for two further months. However, in June the Commercial Court decided to place the company in receivership.
In order to safeguard positions employee representatives have agreed to a reduction of wages and the lowering of the required notice period to be transfered to another position.
Eurofound (2012), Neo security, Merger/Acquisition in France, factsheet number 74059, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74059.