Firm formerly set to take over Zsolnay goes on sale

Food

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Ledina Kerámia, a company the municipal council of Pécs established to take over the operations of Hungarian porcelain maker Zsolnay in case of liquidation, is now available for sale after Zsolnay was spared liquidation by a Hungarian court, according to a Friday report by Hungarian news agency MTI.

Pécs Deputy Mayor János Girán told the news agency a more detailed announcement on the matter would be made at a later date.

The municipal council of Pécs is the minority owner of Zsolnay, and was planning to take over operations in case the company had gone into liquidation due to a debt majority owner Bachar Najari initially owed to MKB Bank, and then to a construction company which had purchased the debt. 

After the debt was repaid, a court last week declared the liquidation procedure against Zsolnay terminated. Zsolnay’s legal counsel said that although the decision could be appealed, it was difficult to refute.

Around 130 employees departed Zsolnay en masse to work at Ledina Kerámia in early June, amidst concerns over the firm’s potential liquidation. Government-friendly daily Magyar Idők reported at the end of June that staff left the company due to “psychological pressure and ruined morale.”

Zsolnayʼs majority owner, Syrian businessman Bachar Najari, said at a June 14 press conference that the company has “come under attack by a group lobbying to take over business” in EU-supported building renovations.

Najari said last week the courtʼs decision to terminate the liquidation procedure “puts an end to the organized theft of the factory with the involvement of politicians and businessmen,” Zsolnayʼs statement added, according to the news agency.

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