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 6 September, the commercial court of Evreux announced the closure of Cinram, DVD producer employing 106 people in Louvier. All of the company's employees will be dismissed.
Cinram Optical Disc is a subsidiary of the Canadian group Cinram, specializing in the production and recording of DVDs. The group declared bankruptcy and part of its activities were taken over by the US investment fund Najafi, excluding some subsidiaries, such as the Louviers plant.
As a result, Cinram was placed in receivership on 31 May. The site belonged to the group Philips and employed up to 1,000 employees.
According to the union CGT, the employees have made a blockage of the site, keeping between 300,000 and 400,000 DVDs and two machineries that the owner wants to transfer. Unions have announced the intention to negotiate higher redundancy payment than the minimum allowed by the law. Meanwhile, the management stressed that the company has no more funds to finance higher redundancy payment but will support employees to find a new job.
Eurofound (2012), Cinram Optical Disc, Bankruptcy in France, factsheet number 74087, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74087.
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