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.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.11 - Production of electricity
132 jobs Number of planned job losses
Announcement Date
29 December 2011
Employment effect (start)
1 January 2012
Foreseen end date
Description
AES Borsodi Energetikai, the Hungarian subsidiary of the US-based global power company AES, is to dismiss some 132 employees as of January 2012. The company filed for bankruptcy protection in July 2011 and liquidation proceedings started in November 2011.
The company operated power plants in Tiszapalkonya and Kazincbarcika, but the production was no longer profitable. According to press reports, this loss of profits is due to a long-term fall in wholesale electricity prices, rising coal and biomass prices, and increasing carbon dioxide emission costs.
Sources
29 December 2011: HVG
Citation
Eurofound (2011), AES Borsodi Energetikai, Bankruptcy in Hungary, factsheet number 73247, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73247.
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