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.
Manufacturing Manufacture Of Wood And Paper Materials Manufacture Of Paper And Paper Products 17.12 - Manufacture of paper and paperboard
130 jobs Number of planned job losses
Announcement Date
19 February 2007
Employment effect (start)
28 February 2007
Foreseen end date
Description
The Cartiera of Germagnano is a paper mill located in Germagnano, in province of Turin. It produces natural, colouring-mattered and coated paper.
On 19 February 2007, the company announced a bankruptcy procedure, mainly due to a significant amount of debts accumulated during the latest years with banks. In November 2006, the company had already stopped its paper production.
For the 130 workers employed in the Germagnano paper mill, the company started the procedure to use the 'extraordinary' Wage Guarantee Fund, a 'social shock absorber' that intervenes in cases of restructuring, reorganisation, change of activity or a company's economic difficulties of particular social importance as regards employment, such as bankruptcy.
Sources
20 February 2007: La Stampa
Citation
Eurofound (2007), Cartiera di Germagnano, Bankruptcy in Italy, factsheet number 64996, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64996.
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