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 Commercial Court of Versailles has ruled the liquidation of Viapaq, a company based in Rambouillet (Yvelines) that employs 100 people. It is the former research and development centre of the automotive equipment manufacturer Continental, specialising in electronic cars. Two companies had prepared takeover bids but did not submit them to the Commercial Court, forcing the latter to liquidate the company.
For the FO union, Varova's takeover of the company in 2014 was a way for Continental to dispose of the site without assuming the social consequences. 'There have been no investments in four years. Our production lines are obsolete and no longer productive enough', explains FO. On 7 January 2019, negotiations about the terms of the Employment Safeguard Plan will begin.
Eurofound (2018), Viapaq, Bankruptcy in France, factsheet number 96251, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/96251.