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.
On April 2005, the director of the company Socep explained that the majority of Romanian exporters have reported losses over the past few months, as a result of the depreciation of the dollar towards the leu by almost 17%, and were forced to reduce or even suspend exports. As a direct consequence, the volume of merchandise transiting through the port of Constanţa from the Black Sea where Socep offers cargo handling and storage services, was reduced. It is expected that following the restructuring programme, the turnover and profit forecast for 2005, (approximately EUR 12.6 million, and EUR 0.8 million respectively) will even be surpassed. One of the measures included in Socep restructuring plan aims to cut jobs, from 850 to approximately 690 employees. Other measures include cutting all categories of costs, changing the work quota, performing repairs and maintenance with company resources. As a complementary measure, an attempt will be made to renegotiate contracts already concluded.
Eurofound (2005), Socep, Internal restructuring in Romania, factsheet number 61453, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61453.