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.
Pilsen Steel, a Czech steel mill, is to dismiss 100 out of 909 employees by the end of 2012 due to production decline. 69 more workers are leaving the company voluntarily or due to end of contract.
The insolvency procedure started in June 2012 and in mid-September the court approved the bankcruptcy of the company. Subsequently, investment group KKCG offered Pilsen Steel a loan in order to resume operation.
The workforce reduction affects both senior positions and blue collar workers. The future of the company will be decided in January when the creditors’ committee meets.
Eurofound (2012), Pilsen Steel, Internal restructuring in Czechia, factsheet number 74348, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74348.