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.
Construction Construction Of Buildings And Infrastructure Engineering Civil Engineering 42.11 - Construction of roads and motorways
1,137 jobs Number of planned job losses
Announcement Date
11 September 2012
Employment effect (start)
11 September 2012
Foreseen end date
Description
On 11 September 2012 the construction company Hydrobudowa filed for bankruptcy. As a consequence all 1137 workers will be dismissed.
The cause of bankruptcy is the financial situation of the company, with the amount of debt adding up to around PLN800 million. Hydrobudowa, like many Polish construction companies, has faced financial difficulties due to the decline in the construction sector in Poland. The company has failed to reach an agreement with its creditors,or with parent company PBG.
Sources
11 September 2012: Gazeta Wyborcza ()
Citation
Eurofound (2012), Hydrobudowa, Bankruptcy in Poland, factsheet number 74360, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74360.
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