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.
German shipbuilder P+S Werften filed for insolvency on 22 August 2012. The bankruptcy affects about 2,000 jobs in Germany at sites in Stralsund and Wolgast. The company faced a decline in demand and cancellations of orders. Management announced the insolvency when talks about further government subsidies finally failed. The company is now looking for an investor. How many employees will lose their jobs in the end is currently uncertain.
UPDATE 18/10/2012: In October 2012, the number of affected workers was corrected down to 1,800 employees, which will be transfered to a transitional company.
Eurofound (2012), P+S Werften, Bankruptcy in Germany, factsheet number 74003, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74003.