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 Construction Of Buildings And Infrastructure Engineering Civil Engineering 42 - Civil engineering
4,000 jobs Number of planned job losses
Announcement Date
1 February 2005
Employment effect (start)
1 February 2005
Foreseen end date
Description
Walter Bau, Germany's third biggest construction company, said it was filing for insolvency after failing to agree with its creditors on future financing. In March 2005, over 4,000 jobs have been lost at insolvent company Walter Bau, according to Werner Schneider, the insolvency administrator. A total of 9,830 staff had been employed at the company when it applied for the opening of insolvency proceedings on 1 February 2005; by the time insolvency proceedings are commenced, which is expected to take place on April 2005, only 5,770 staff will remain.
Sources
23 March 2005: Financial Times Deutschland
1 February 2005: Reuters
Citation
Eurofound (2005), Walter Bau, Bankruptcy in Germany, factsheet number 61301, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61301.
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