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.
Publicly traded exploration and development mining company Northland Resources has announced that it is closing down its iron ore mine in Kaunisvaara, outside of Pajala, in Sweden, making the majority of the workforce in Sweden, All employees are to be made redundant.
The reasons behind the closure are cited as challenging market conditions and strained liquidity of the company.
Northland is headquartered in Luxemburg and operates one mine in Sweden.
Updated, 08-12-2014:Northland Resources has declared bankruptcy after several international investors financing the restructuring have withdrawn their financial support.
Eurofound (2014), Northland Resources, Bankruptcy in Sweden, factsheet number 77662, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77662.