restructuring

The move is part of a major restructuring programme, which will see 4,000 posts closed across Europe as a whole.

The company will be de-listed from the New York Stock Exchange in the "near term" and stock shares will be cancelled, with no value, as part of its restructuring, Spirit said.

There is no doubt that job losses and restructuring on their home soil will be a painful process for German manufacturers such as Volkswagen, and chemicals firm BASF, which has also warned of cuts.

He said he believed some restructuring is needed and there are too many “silos” operating separately.

In 2022, the country defaulted on its foreign debt for the first time, forcing it to seek debt restructuring deals.