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.
Electric Glass Fiber NL, a Dutch electric glass fiber factory located in Westerbroek, Groningen, the Netherlands, has filed for bankruptcy, and announced the subsequent dismissal of its 300 employees.
All 300 employees will lose their job, reportedly by direct dismissal, including 50 temporary workers. Electric Glass Fiber NL is a subsidiary of Nippon Electric Glass, a Japanese company, which was no longer able to bear the losses of Electric Glass Fiber NL. The rising energy prices have played an important part leading up to the bankruptcy, as well as a declining demand from the automotive sector, for which the factory’s optical fiber was mostly used. Despite an earlier reorganisation, losses for the factory continued to rise, eventually leading up to this bankruptcy. The curator is investigating the possibility of a restart. So far, there are no interested parties.
Eurofound (2023), Electric Glass Fiber NL, Bankruptcy in Netherlands, factsheet number 200350, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200350.