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.
Private capital company, Hidromecanica, ceased activities with the consequent loss of 150 jobs. As reported, the Brasov based manufacturer of hydraulic equipment filed for insolvency in 2010 due to high debt and losses, and the Brasov County Public Finances Division sold most of its assets.
According to the sources, recently due to inability to meet its financial obligations to the electric power supplier, Electrica Transilvania Sud, there was no other option other than stopping its operations.
In the end of June 2014, the last 150 employees were sent on temporary leave without pay and, after receiving a 15 days’ notice at the beginning of August, they were dismissed.
Eurofound (2014), Hidromecanica, Bankruptcy in Romania, factsheet number 77642, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77642.