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 16 October 2012, the commercial court of Rouen decided the liquidation of the oil refinery Petroplus and rejected the two take-over offers. Normally the oil refinery employs 550 people, but on 20 October 2011 Petroplus announced the partial termination of its activities in Petit-Couronne, which resulted in 120 job cuts (see here). The company explained its decision by overcapacity in a highly competitive market.
Since June 2012, Petroplus resumed its activities on a temporary basis, after the signature of a six-month contract with its former owner, the group Shell. The court gave the green light to pursue their activities until 5 November. If no buyer is found until then, the liquidator will dismiss all remaining employees (430-470 workers).
It is the fourth announced oil-refinery closure in France in recent years, after Total (see here), Petroplus Reichstett (see here) and LyondellBasell (see here). The CGT union believes that this trend is accompanied by an increase in imports of refined petroleum products.
Eurofound (2012), Petroplus, Closure in France, factsheet number 74351, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74351.
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