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
150 jobs Number of planned job losses
Announcement Date
2 May 2014
Employment effect (start)
1 May 2014
Foreseen end date
Description
German renewable energy company PROKON Regenerative Energien is to cut 150 jobs due to insolvency. As reported the wind farm Prokon group employs 450 at its renewable energy division and the insolvency administrator intends to continue business with the remaining 300 employees. 80 jobs are to be lost by the non renewal or termination of contracts and additionaly around 70 employees are to be transferred to a transfer agency. According to the sources Prokon offered profit-participation certificates mostly to private investors but went bankrupt after a wave of capital withdrawal in the previous months.
Sources
3 May 2014: Frankfurter Allgemeine Zeitung
3 May 2014: Hamburger Abendblatt
3 May 2014: Stuttgarter Zeitung
3 May 2014: Der Tagesspiegel
Citation
Eurofound (2014), Prokon Regenerative Energien, Bankruptcy in Germany, factsheet number 76977, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76977.
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