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.
French transport company MoryGlobal, which is owned by Arcole Industries, has been placed into liquidation by the Commercial Court of Bobigny (Seine-Saint-Denis). Their 2,150 employees received dismissal notice in early May.
Created after the collapse of Mory in 2014 (820 job cuts), MoryGlobal suffered of a loss of €43 million euro in 2014. Despite the financial support of the State, the new company failed to restore its competitiveness in a decreasing market. Unions are now fighting to obtain a social plan which offers the same redundancy package as that provided in the social plan implemented after Mory was placed in receivership in 2014. Unions accused the owner of misappropriation of funds, while Arcole claimed that the main union (CFDT) has worsened the situation which led to the bankruptcy.
The French authorities applied for European Globalisation Adjustment Fund (EGF) aid on 19/11/2015.
Eurofound (2015), MoryGlobal, Bankruptcy in France, factsheet number 83563, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83563.