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.
Construction Specialised Construction Activities Specialised Construction Activities 43.12 - Site preparation
180 jobs Number of planned job losses
Announcement Date
4 January 2018
Employment effect (start)
4 January 2018
Foreseen end date
1 February 2018
Description
Construction contractor M3 Anlegg, based in Bodø, Norway, has declared bankruptcy. 180 employees will be dismissed. The company posted a large negative result in 2016 and struggled financially in 2017. Its board and administration tried to refinance the company from mid December, before declaring bankruptcy on 4 January. M3 Anlegg has been involved in several large road- and tunnel construction projects in Bodø and Stavanger, primarily as a subcontractor. Both results and prognoses for several of the projects have turned out to be worse than previously thought. Trade union representative Tommy Pedersen says to Avisa Nordland that the employees received the news on 4 January, and that the announcement was met with initial reactions of 'silence and prostration'.
Sources
4 January 2018: E24
4 January 2018: Bodø Nu
4 January 2018: Avisa Nordland
Citation
Eurofound (2018), M3 Anlegg, Bankruptcy in Norway, factsheet number 92990, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92990.
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