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.
Electrical and plumbing company Totaltek Tekniske in Trondheim has declared bankruptcy. All of its 190 employees will be dismissed.
The company has accumulated losses in excess of 100 million NOK over the last two years. Without any signs of improvement, the board saw no other option than filing for bankruptcy. This measure is going to be implemented in the frame of a general crisis of the Norwegian construction sector.
Union representatives are concerned with the uncertain future prospects of the Norwegian construction industry, even though they express vague optimism about the employment situation for the 190 dismissed workers. Their income will be secured by the State Wage Guarantee Scheme during the three month notice period, and the demand for skilled labour in the industry remains relatively high.
Eurofound (2013), Totaltek Tekniske, Bankruptcy in Norway, factsheet number 75907, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75907.