Type
Bankruptcy
Country
Romania
Region
Location of affected unit(s)
Romania
Sector
Financial Services
Financial And Insurance Activities
Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security
65.11 - Life insurance

500 jobs
Number of planned job losses
Job loss
Announcement Date
15 May 2016
Employment effect (start)
6 June 2016
Foreseen end date
31 December 2016

Description

KPMG Restructuring liquidator of insurance company Astra Asigurari announced the cut of 500 jobs. Astra Asigurari declared bankruptcy in December 2015. KPMG Restructuring took over the restructuring process and considered the business transfer to another investment company. By December 2015, Astra Asigurari had in its portfolio more than 1 million valid insurance policies.

The job losses were announced by the liquidator on May 15th 2016, and are to be implemented as of 6 June 2016.


Sources

  • 15 May 2016: Profit.ro
  • 8 January 2016: Hotnews.ro
  • 23 December 2015: Profit.ro

Citation

Eurofound (2016), Astra Asigurari, Bankruptcy in Romania, factsheet number 87557, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87557.