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.
Meatex, a Portuguese textile manufacturer based in Famalicão, will close after the failure of the insolvency plan. This will lead to the dismissal of 120 employees.
In July 2012 the company had already declared insolvency, having adopted a viability plan, but without success. At that time, the company had already dismissed 60 employees.
The 120 employees were on forced holidays for two weeks in April and when they returned to work the company was closed.
The company has already submitted a recovery plan; however, the employees did not accept the terms of the plan. According to the workers’ lawyer, this plan proposes that the workers will receive only 10 percent of their credits, in 60 monthly installments, starting to be paid only in two years from now.
With wages and allowances in arrears, some employees decided to suspend their work contracts, in order to receive unemployment benefits.
The Meatex has, at this time, a liability of € 3.5 million.
Eurofound (2013), Meatex, Bankruptcy in Portugal, factsheet number 75484, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75484.