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
2,133 jobs Number of planned job losses
Announcement Date
27 May 2015
Employment effect (start)
1 June 2015
Foreseen end date
31 December 2015
Description
Complexul Energetic Oltenia, an important state owned energy company, will lay off 2133 employees by the end of 2015. Due to financial difficulties, compounded by energy price and demand decreases, the company is implementing a restructuring programme intended to improve efficiency. The Government has approved 2.8 mil Euros from the unemployment fund as severance payments for the redundant personnel. The company was founded in 2012 through the merger of the power plants Turceni, Craiova and Rovinari with the Oltenia association of lignite producers. It provides up to 40% of the power needed in Romania.
Sources
27 May 2015: Agerpres
27 May 2015: mediafax.ro
Citation
Eurofound (2015), Complexul Energetic Oltenia, Internal restructuring in Romania, factsheet number 83863, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/83863.
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