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.
De Tomaso, luxury cars’ maker, is to close at the beginning of January 2014, with the consequent loss of 900 jobs. The job cuts will affect the plant of Livorno (around 140 employees), and the plant of Grugliasco, in the province of Turin (around 760 employees). In 2009 the company had been bought by Gian Mario Rossignolo, who was arrested in 2012 being charged of fraud against the State. In January 2014, when the scheme of Wage Guarantee Fund (WGF) will finish, the workers will be dismissed. The trade unions have requested a meeting with the local authorities in order to find solutions able to guarantee an industrial future to the De Tomaso plants.
Updated, 10/07/2014: Workers, trade unions and local institutions required for a further extension of the wages guarantee fund (renewals occurred in February, in May and is to expire on 4 September). The renewal will be enacted upon condition that liquidator will present a plan for the relaunch of the bankrupt company by 4 August. Negotiations are ongoing among the liquidator and possible investors but the purchase of the company is hampered by legal disputes concerning ‘De Tomaso’ brand, whose ownership is currently uncertain. If the wages guarantee fund is not prolonged, employees will lose their jobs.
Updated, 23-09-2014: The wages guarantee fund was prolonged until December 2014. Local institutions have also put in place funds to support vocational training and to incentivise hiring of redundant workers by other companies before the expire of unemployment benefits.
As reported, Italy has applied for assistance from the European Globalisation Adjustment Fund (EGF).
Eurofound (2013), De Tomaso, Bankruptcy in Italy, factsheet number 75983, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75983.