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.
As announced on 16 September 2021, the oldest shipyard in Germany will be cutting approximately 180 jobs in Hamburg by the end of September 2021 due to insolvency.
Pella Sietas had announced insolvency at the beginning of August 2021, however, the search for a new investor has been unsuccessful as of today. Insolvency money will run out by the end of September which will mean that almost all employees will be terminated. According to the insolvency administrator, only 20 employees will remain at the shipyard.
Eurofound (2021), Pella Sietas, Bankruptcy in Germany, factsheet number 105280, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/105280.