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.
Construction Construction Of Buildings And Infrastructure Engineering Construction Of Buildings 41 - Construction of buildings
435 jobs Number of planned job losses
Announcement Date
6 September 2016
Employment effect (start)
Foreseen end date
Description
Isolux Corsán agreed upon a rescue plan with the banks and bondholders in July 2016, in order to restructure the company's debt (around € 2,000 million) and prevent closure. A new management board has been elected, reflecting that banks and bondholders will held 95% of the company's shares once the rescue plan is approved by the judicial court. Following this plan, the company announced at the beginning of September a new collective dismissal scheme which will affect 535 employees, around 35% of the staff. Formal negotiations with the trade unions will start at the end of September.
Update 27-10-2016
Isolux management has accepted a reduction of the number of workers affected by the employment adjustment. Accordingly, 435 instead of 535 workers will be affected. Negotiations on the measure have not yet finished.
Sources
26 September 2016: Expansión
6 September 2016: Cinco Días
25 October 2016: El Economista
Citation
Eurofound (2016), Isolux Corsán, Internal restructuring in Spain, factsheet number 88694, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88694.
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