Type
Internal restructuring
Country
Portugal
Region
Location of affected unit(s)
Sector
Construction
Construction Of Buildings And Infrastructure Engineering
Civil Engineering
42 - Civil engineering

400 jobs
Number of planned job losses
Job loss
Announcement Date
5 January 2019
Employment effect (start)
5 January 2019
Foreseen end date

Description

The conglomerate Elevo, which resulted from the merger of the engineering and construction companies Edifer, Monte Adriano, Hagen and Eusébios, has announced plans to make 400 workers redundant. The measure is part of the survival plan presented to the creditors Millennium BCP and Novo Banco in a call for financing; the company has asked for €20 million in order to pay salaries and arrears, strengthen its treasury and rationalise the framework of staff. The administration has recognised overdue salaries of nearly €4 million.


Sources

Citation

Eurofound (2019), Elevo, Internal restructuring in Portugal, factsheet number 96326, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96326.