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.
Rail firm GNER faces an uncertain future as its parent company approaches a deadline to repay huge debts, according to unions. The RMT union says GNER, which signed a 10-year franchise in 2005 to run trains on the East Coast Mainline, may have to cut up to 300 jobs.
But the firm said it had overcome some recent challenges and is now seeing record numbers of passengers. Allen Heath, of the RMT union said: 'I think it's inevitable, when you consider the position GNER is in. They frankly are not making anywhere near the sort of profits they allowed for in the franchise. Something's got to give and the only thing that can give really is jobs.'
Jonathon Metcalfe, chief executive of GNER, said the company had faced some challenges since it took over the franchise, but was now achieving some positive results.
Eurofound (2006), GNER, Internal restructuring in United Kingdom, factsheet number 64246, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64246.