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.
HETA Asset Resolution, a so called 'bad bank' owned by the Republic of Austria, announced to cut 100 jobs in Klagenfurt, Carinthia, by early 2017.
In 2014, Heta took over the non-performing assets of Hypo Alpe Adria bank which was nationalised in 2009 in order to prevent a bank collapse. Heta is aiming to dispose all of its assets by 2020. After fulfilling its task, the institution will be closed, making it necessary to reduce staff over the next couple of years. Only last year 150 jobs were cut. Now, Heta has registered 100 employees with the Public Employment Service's (AMS) early warning system. Dismissals will be implemented during the ongoing year and completed in early 2017. Management and works council have already agreed on a social plan with a special focus on long-time staff. According to the AMS prospects on the job market are difficult for affected employees despite the fact that many of those affected are highly qualified.
Eurofound (2016), HETA Asset Resolution, Closure in Austria, factsheet number 86658, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86658.