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.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65.11 - Life insurance
500 jobs Number of planned job losses
Announcement Date
15 May 2016
Employment effect (start)
6 June 2016
Foreseen end date
31 December 2016
Description
KPMG Restructuring liquidator of insurance company Astra Asigurari announced the cut of 500 jobs. Astra Asigurari declared bankruptcy in December 2015. KPMG Restructuring took over the restructuring process and considered the business transfer to another investment company. By December 2015, Astra Asigurari had in its portfolio more than 1 million valid insurance policies.
The job losses were announced by the liquidator on May 15th 2016, and are to be implemented as of 6 June 2016.
Sources
15 May 2016: Profit.ro
8 January 2016: Hotnews.ro
23 December 2015: Profit.ro
Citation
Eurofound (2016), Astra Asigurari, Bankruptcy in Romania, factsheet number 87557, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87557.
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