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.
Knitwear manufacturer Ogres trikotaza is declared insolvent by court decision and 250 employees have been laid off by insolvency manager.
Ogres Trikotaza is knitwear manufacturer located in Ogre. In 2012 the enterprise operated with €7.88 million turnover, and incurred €104.8k loss. On 17 October 2013 the court approved legal protection process for the enterprise and obligated the legal protection plan for next two years. Early this year legal protection administrator asked court to stop legal protection process because the company has been found capable to fulfill a plan and to start insolvency process. On 5 February 2014 the court decided to start insolvency process.
The insolvency manager Edgars Karelis informed newspaper Dienas Bizness that due to large debts from foreign partners, the manufacturing on site has been suspended in December 2013. In total 250 employees have been laid off.
The insolvency manager hopes to sell the manufacturing site as a whole, because it is fully functional and the manufacturing can be restarted.
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Eurofound (2014), Ogres Trikotaza, Bankruptcy in Latvia, factsheet number 76783, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76783.