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 Liberty Ostrava Steelworks, Czechia’s largest producer of steel, plans to close its coke plant and announced mass layoffs. The layoffs could affect up to 2,600 employees out of the current almost 5,000.
It was stated that 2,300 workers are to be made redundant by the end of November 2024 and the remaining 300 by the end of January 2025. The majority of the company's current 5,000 employees have not been working since December 2023 when most of Liberty's operations were forced to close down. Their wages are being compensated by the state.
The steelworks, which since 2019 belongs to the Liberty Steel Group, GFG Alliance concern of the British entrepreneur Sanjeev Gupta, has been in insolvency since June 2024, after the company admitted it was unable to meet overdue liabilities exceeding CZK 5 billion (€ 198 million).
Eurofound (2024), Liberty Ostrava , Bankruptcy in Czechia, factsheet number 201475, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201475.