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 the 5th June 2013, the Commercial Court of Orléans decided on the liquidation of Steco Power, the last French manufacturer of batteries for the automotive industry. The site will be closed on June the 30th 2013, dismissing its 122 employees. The company could not overcome its debt of 8 million euros despite having received an investment of 500,000 euros to modernise its site. Last April, the Court gave Steco Power two months to find a buyer but the two potential buyers did not convince the Court which decided on the closure of the company. The loss of an important contract with PSA Peugeot–Citroën and the sharp competition with European eastern companies explains the difficulties of the company.
Eurofound (2013), Steco Power, Bankruptcy in France, factsheet number 75529, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75529.