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 30 January, a receiver from Deloitte Touche sent letters to almost 500 Waterford Crystal workers to inform them that they were being made redundant due to the serious financial problems besetting the troubled glass manufacturing plant, which was once one of Ireland's flagship indigenous companies. However, as of early February 2009, there were hopes of a new buyer emerging, possibly Clarion Capital Partners (a private equity firm); which could, if it proceeds, result in 300 jobs being saved at the plant. Workers have been staging a sit-in protest at the factory.
For further information, see EIRO report.
The Irish authorities applied for aid from the European Globalisation Restructuring Fund (ERF) and it is currently being implemented.
Eurofound (2009), Waterford Crystal, Bankruptcy in Ireland, factsheet number 68111, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68111.