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.
OKD, a Czech black coal extraction firm, has announced a reduction in headcount of 250 from a total of 13,000 staff, starting in September 2013, due to adverse economic situation.
The sales price of coal is in fact currently lower than operating costs. The company is owned by New World Resources (NWR) which recorded a net loss of EUR 80 million in the first quarter of 2013.
The job cuts will affect mainly technical and administrative personnel. The redundant employees who worked in the company for more than two years will receive severance pay equal to seven monthly wages. It was reported that about 1,500 employees at supply companies are also awaiting notices, but no details were published.
For previous restructuring cases see OKD 2009(1) OKD 2009 (2).
Eurofound (2013), OKD, Internal restructuring in Czechia, factsheet number 75640, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75640.