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.
Nutriart, a Greek company in the production of bread and bakery products, has filed for bankruptcy. 484 jobs are to be lost. The decision for the initiation of insolvency procedures is due to the company’s inability to meet its financial obligations.
In the context of the financial crisis which has hard hit Greece, Nutriart has been struggling with liquidity problems but there were delays to reach an agreement for financial support by the banks.
The court decision on the petition is to be made on 18 September 2013 and the company has ceased its operations till then, with the commitment that all the employees will be regularly paid till September. The employees asked for a meeting with the Minister of Labour to discuss possible solutions.
Nutriart was established in 2008.
Updated, 25-06-2014: Greece applied for support from the EGF following the redundancies of 484 workers in Nutriart S.A. and AR. ZIGAS & SIA, and the cessation of activity of 24 self-employed persons whose activity was directly linked to Nutriart. The European Commission has proposed to provide Greece with €6 million from the European Globalisation Adjustment Fund (EGF) to help 508 former workers of the bakery manufacturer Nutriart and its providers and downstream producers to find new jobs, as well as 505 young people not in employment, education or training (NEETs). The proposal now goes to the European Parliament and the EU's Council of Ministers for approval.
Updated, 17-09-2014: The proposal was approved.
Eurofound (2013), Nutriart, Bankruptcy in Greece, factsheet number 75542, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75542.