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.
Eurocypria, a state-owned charter airline company should enter into a creditor liquidation process in the near future which will lead to a loss of more than 250 jobs. The initial intention of the Cypriot government was to merge the company with Cyprus Airways, in order to transfer Eurocypria's employees into the new corporate scheme. However, DG Competition' officials ruled out this plan during a meeting held on 5 October 2010 with officials of the Ministry of Finance and representatives of the Board and Unions of both companies. In particular, recruitment of Eurocypria staff from Cyprus Airways will only be possible from the labour market and at a later stage. The government seems to be working on various options for managing the impact of restructuring:
(1) Implementation of a social plan with compensations above those provided for by the law.
(2) Recruitment of Eurocypria's former employees by Cyprus Airways from the labour market as the company will to try to gain the market shares of Eurocypria.
(3) Implementation of an early retirement plan for Cyprus Airways employees. This will allow a recruitment of Eurocypria's workers from Cyprus Airways as they currently receive lower wages compared to employees in Cyprus Airways.
(4) The fourth option being considered is the recruitment in the public sector according to the specific skills and qualifications of Eurocypria's staff.
Sources
5 November 2010: Stockwatch
9 November 2010: Stockwatch
10 November 2010: Politis
Citation
Eurofound (2010), Eurocypria, Bankruptcy in Cyprus, factsheet number 71147, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71147.
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