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.
In December 2012, Polish national airline Polskie Linie Lotnicze LOT (PLL LOT) announced plans to implement a restructuring programme, which will result in the loss of 600 jobs in 2013. The dismissals are a part of the new business strategy aiming at improving financial outcomes of the company.
In 2011 LOT had a loss of 145 mln PLN, and in 2012 it is predicted to be 300 mln PLN. After the implementation of the restructuring plan, PLL LOT will be searching for an investor in order to privatize the company. The plan also includes cost-cutting measures such as the elimination of unprofitable routes.
Moreover, the Ministry of Finance has declared its intention to give 400 mln PLN (100 mln EUR) as the first part of an aid package for the company.
PLL LOT currently employs approximately 2,000 people.
Eurofound (2012), Polskie Linie Lotnicze LOT, Internal restructuring in Poland, factsheet number 74724, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74724.