Type
Bankruptcy
Country
Poland
Region
Poludniowy; Slaskie; Rybnicko-jastrzebski
Location of affected unit(s)
Pszczyna
Sector
Manufacturing
Manufacture Of Chemicals And Pharamceuticals
Manufacture Of Chemicals And Chemical Products
20 - Manufacture of chemicals and chemical products

400 jobs
Number of planned job losses
Job loss
Announcement Date
24 January 2009
Employment effect (start)
Foreseen end date

Description

The Elwo electrolytes factory (Fabryka Elektrolitów "Elwo") of Pszczyna, a member of the Rafaco corporate group, applied for bankruptcy in January 2009. Elwo has suffered financial exposure pursuant to leveraged foreign exchange options which it had contracted with four banks (Millenium, Fortis Bank, Pekao and ING Bank Śląski) before the recent fluctuations in the currency market. Its 400 workers stand to lose their jobs.


Sources

  • 24 January 2009: Polska

Citation

Eurofound (2009), Fabryka Elektrolitów, Bankruptcy in Poland, factsheet number 68227, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68227.