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.
Nuova Sinter, a manufacturer of car components is to close and lay off its 237 employees at the plants of Arzano (Naples) and Ivrea (Turin).
The firm has been losing most clients over the last years and it was under insolvency proceedings. In July, the liquidator eventually declared the bankruptcy.
Workers are currently under short-time working schemes, and lament delays in the payment of wages. They have been holding assemblies and strikes, hoping new investors will take over the plants.
Update, 30/10/2014: In the absence of suitable offers to purchase the company, the plants have been closed and all the jobs will be lost.
Eurofound (2014), Nuova Sinter, Bankruptcy in Italy, factsheet number 91322, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91322.