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.
The Commercial Court of Tarragona has passed the dismissal of the managers of Abelán Catalana, a company specialised in the manufacture of paper, which is under ‘insolvency procedure’ since January 2017. The Court has also given 10 days to the ‘insolvency administrator’ to present a closure plan. The High Court of Catalonia has announced that once this phase of the insolvency procedure is finished without having received any offer to buy the company, the company's facilities will be sold. This decision means that the 131 workers employed will be dismissed.
Abelán Catalana was bought by the investment fund PHI Industrial in 2012. In January 2017, the company entered into insolvency procedure. The only offer to buy the company forwarded to the Commercial Court of Tarragona was rejected by the workers. The offer was managed by PHI Industrial and was not presented to the insolvency administrator. Due to this reason, workers suspected that the offer would not ensure the viability of the company, being just an speculative operation.
Eurofound (2017), Abelan Catalana, Bankruptcy in Spain, factsheet number 91466, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91466.