Transelektro to file for bankruptcy protection by May 31

Tourism

Troubled holding company Transelektro will be forced to ask for bankruptcy protection as it fails to reach a preliminary agreement with its creditors by May 31, Gyula Tímár, CEO of Ganz Transelektro Villamossági Rt, which exercises control over the holding company, announced on Thursday.

If a preliminary agreement cannot be reached, other Transelektro units Ganz Transelektro Közlekedési, Transelektro Energetikai es Környezetvédelmi and Transelektro Ganz-Rock Kazán es Erőművi Berendézesek will also file for bankruptcy protection, Tímár said.
Tímár said some of Transelektro's owners, Közgép Rt and Resonator Kft, had set up a company with registered capital of Ft 1 billion to finance some of the group's current projects which banks have refused to back.

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.