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.
State-owned Croatian freight railway operator HŽ Cargo is to cut 1,200 – 1,500 jobs by the end of November 2013 in a bid to reduce operating costs and attain financial sustainability.
According to the sources, the cost-cutting restructuring will be implemented with the use of the Railway Fund (Zeljeznicki fond), a solidarity fund through which the employees will receive a pay lower than the regular salary.
At the same time, the plan envisages that the company can reinstate some of the employees back to work according to its needs. As reported, the remaining employees will be made redundant with the use of a severance pay.
Eurofound (2013), HZ Cargo, Internal restructuring in Croatia, factsheet number 76137, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76137.