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 Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28.11 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
150 jobs Number of planned job losses
Announcement Date
1 August 2014
Employment effect (start)
1 August 2014
Foreseen end date
1 September 2014
Description
Private capital company, Hidromecanica, ceased activities with the consequent loss of 150 jobs. As reported, the Brasov based manufacturer of hydraulic equipment filed for insolvency in 2010 due to high debt and losses, and the Brasov County Public Finances Division sold most of its assets.
According to the sources, recently due to inability to meet its financial obligations to the electric power supplier, Electrica Transilvania Sud, there was no other option other than stopping its operations.
In the end of June 2014, the last 150 employees were sent on temporary leave without pay and, after receiving a 15 days’ notice at the beginning of August, they were dismissed.
Sources
19 August 2014: Adevarul
22 September 2014: Biz Brasov
1 August 2014: Buna Ziua Brasov
Citation
Eurofound (2014), Hidromecanica, Bankruptcy in Romania, factsheet number 77642, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77642.
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