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.
Metallurgical company Liepajas Metalurgs (LM) is to cut at least 1,500 jobs during the next month. As reported, the Liepaja court decided to halt the LM legal protection process and launch the insolvency process. The company employs over 1,870 people and as announced only about 300 employees will remain in order to keep the essential operations till the company is sold.
According to media reports, all redundant employees will receive assistance to submit applications for receiving compensation from the wage guarantee fund. They will also be able to receive unemployment benefits from the State Social Insurance Agency.
LM is one of the largest companies in Latvia and largest job provider in Liepaja. It suffered EUR 14.7 million in consolidated losses in 2012, according to its audited consolidated report.Â
Eurofound (2013), Liepajas Metalurgs (LM), Bankruptcy in Latvia, factsheet number 76235, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76235.