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.
Parvalorem, the state-owned company created to manage the loan portfolio of BPN – Banco Português de Negócios, announced plans to dismiss 123 workers.
As reported, the National Trade Union of Bank Technical Staff met with the Chairman of the Management Board of Parvalorem and the conclusion of the recent meeting was the dismissal of 123 workers. The period for these redundancies will last a year. Parvalorem currently employs 283 workers, a number that the administration considers excessive given the company's activity. The application stage to the second programme to the termination of labour contracts by mutual agreement took place until 5 September. Following this programme, if necessary, additional measures will be taken to reduce the number of workers namely by collective dismissal, in the absence of an agreement. The company facilities in Leiria and Coimbra will be closed, and the facilities in Lisbon and Porto will be maintained.
Eurofound (2014), Parvalorem, Closure in Portugal, factsheet number 77537, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77537.