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.
Insolvency proceedings have been opened for Intersky, a regional airline based in Bregenz (Vorarlberg), making up to 150 employees redundant.
The airline has been struggling economically due to unprofitable flights and was trying to find a new investor. After a potential investor pulled back Intersky, which currently has liabilities of €5.5 million, had to declare insolvency. The airline has ceased flight operations for now, liquidators will decide whether certain flight routes can be re-established.
Previously, the airline predominantly operated scheduled flights between Friedrichshafen (Vorarlberg) and German airports but also between Graz (Styria) and Zurich (Switzerland). According to the Public Employment Service (AMS) in Vorarlberg, so far 134 employees from Vorarlberg and Styria have been registered with the AMS' early warning system (Frühwarnsystem).
Eurofound (2015), Intersky, Bankruptcy in Austria, factsheet number 85357, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85357.