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.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.43 - Lead, zinc and tin production
520 - 534 jobs Number of planned job losses
Announcement Date
30 November 2012
Employment effect (start)
7 December 2012
Foreseen end date
Description
Lead-Zinc Complex AD - Kardzhali (LZC AD - Kardzhali) has made 520 redundancies due to bankruptcy. Up to 30 employees will remain in the company, according to statements from the new CEO, Valentin Minev. The few employees that will remain on the insolvent firm’s payroll will facilitate the sale of certain assets and the changeover to the new owner Harmony 2012.
Most employees have left the company in the last couple of weeks, so this month the labour inspectorate was informed of only 72 official dismissals on 7 December 2012. The workers had been striking for months due to long-overdue wages. Many of them decided to resign, while others were made redundant. According to reports the unions have criticized that the company proceeded without formally consulting them.
LZC Kardzhali is the second biggest zinc smelter in Bulgaria. The company’s biggest competitor in the country is Plovdiv-based KCM. LZC Kardzhali exports 85 percent of its output, mostly to Italy, Germany, Austria and Turkey. It is not clear when the new owner, Harmony 2012 will resume production.
Sources
22 November 2012: News
30 November 2012: Trud
Citation
Eurofound (2012), Lead-Zinc Complex AD - Kardjali, Bankruptcy in Bulgaria, factsheet number 74584, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74584.
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