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.
The Austrian construction company GLS with headquarters in Perg, Upper Austria, registered 280 employees with the public employment service due to insolvency.
GLS, specialised in the construction of roads, power lines, float protection but also demolition, has declared bankruptcy in early November affecting 220 employees at GLS and more than 60 workers at its subsidiary RW Montage. The company gave escalating costs for a bridge construction project as reason for the step, followed by disagreements on covering the costs with the contractor, ASFINAG.
In a staff meeting between 20 and 30 employees announced they already found a new job. Recent media reports indicate that only 40 people will be kept by GLS. Several local companies indicated interest in hiring staff from GLS and RW Montage. For the moment trade unions feel confident that most of affected employees will find new employment. So far, it is unknown if GLS can keep up operations, RW Montage will be closed.
Eurofound (2016), GLS, Bankruptcy in Austria, factsheet number 89123, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/89123.