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.
Manufacturing Manufacture Of Wood And Paper Materials Manufacture Of Wood And Of Products Of Wood And Cork, Except Furniture; Manufacture Of Articles Of Straw And Plaiting Materials 16.21 - Manufacture of veneer sheets and wood-based panels
131 jobs Number of planned job losses
Announcement Date
20 October 2016
Employment effect (start)
31 October 2016
Foreseen end date
14 November 2016
Description
The Commercial court of Dax has decided the liquidation of the veneer sheets and wood-based panels manufacturer Darbo in Linxe (Landes). The 130 employees will be dismissed. The plant that belonged to Portuguese group Sonae, has been taken over in 2015 by an investment fund, Gramax Capital. The fund took the commitment to avoid the placement of the company in receivership until 2017 and to maintain the employment level. But the plant continued to make face to losses and the owner refused to reinvest more in the company. The owner received no support from the bank and couldn’t find a new take over to sell the plant. The company faces a sharp competition in the sector against Eastern Europe companies that have lower production costs. The local authorities (The region of Aquitaine) will try to find out what the company did with the EUR 250,000 of subsidy received in 2015.
Sources
19 October 2016: France Bleu
21 October 2016: Les Echos
Citation
Eurofound (2016), Darbo, Bankruptcy in France, factsheet number 88953, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88953.
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