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.
The traditional sausage-maker Gyulai Húskombinát has announced the dismissal of 300 employees by mid-January 2013.
The company is applying the legal insolvency procedures and has started negotiations and consultations on the future of its employees. The company would need 400-600 million HUF (1,400,000-1,600,000 EUR) of capital to maintain production levels. Gyulai Húskombinát currently has 150 million HUF (530,000EUR), an advance payment from one of its clients.
The local authorities are aiming to assist the survival of the Hungarian traditional company, but the future does not look promising unless a creditor is found soon. The trade union HDSZ (Hungarian Meat Workers Union) organized demonstrations outside the Ministry of Rural Development and requested international solidarity campaigns from the European Federation of Trade Unions in the Food, Agriculture and Tourism (EFFAT).
Eurofound (2012), Gyulai Húskombinát, Bankruptcy in Hungary, factsheet number 74662, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74662.