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.
Peko is a Slovenian footwear producer founded in Tržič (Gorenjska region) at the beginning of the last century. On Tuesday, 19 January 2016, the company management has initiated the bankruptcy procedure. Banks, Peko’s main creditors, refused the latest restructuring programme for the recapitalization of the company. Consequently, Slovenian Sovereign Holding (SDH) and Consulting and Management Company (DSU), the two state agencies which are the majority owners of Peko, decided not to participate in the recapitalization of the company. As the management explained, there was no other option than bankruptcy.
Workers renounced to holiday allowances and agreed to be paid in instalments in order to help Peko not to close. However, this was not enough to save the company therefore all 156 employees will lose their jobs.
Eurofound (2016), Peko, Bankruptcy in Slovenia, factsheet number 86225, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86225.