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 Evry has ordered the judicial liquidation of Air Azur, France's second largest airline company specialising mainly in flights between France and Algeria, a total of 800 employees will be dismissed in France.
Four takeover bids were submitted for the airline on the deadline of 18 September at midnight, but the most serious offers, those of Air France and the Dubreuil group, have been withdrawn; mainly because of the two companies' concerns about Air Azur's social debt and the social risks associated with the takeover of employees. No airline has finally made an offer to take over Air Azur. The association in charge of take-off slots, Cohor, will recover more than 9,150 slots and redistribute them among all the airlines.
Eurofound (2019), Air Azur, Bankruptcy in France, factsheet number 98782, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98782.