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Ikarus Egyedi promises creditors their money back in 7 years

Beleaguered Hungarian bus manufacturer Ikarus Egyedi is offering a deal to suppliers and creditors, saying it will repay its debts by September 30, 2025, if it is allowed to continue production, according to a press release issued by the company Thursday.

In its statement, the company said that with a minimal investment already purchased parts could be used to manufacture 70 articulated buses, nine oncological screening buses, and six electric buses.    According to the companyʼs production plan, operations would become self-sustainable after seven years.  

In July, Ikarus Egyedi was declared a strategically important enterprise at the request of the company as part of its bankruptcy filing.  The Ministry for Innovation and Technology said at the time that the government sees the development of domestic bus production as of major national economic interest, but based on the activities of market players and not state-owned actors.

Public records show Ikarus Egyedi is owned by evopro Bus, Lanta-Consulting and Albaric Kft., and employs almost 200 workers. The company had revenues of HUF 5.65 billion in 2016, according to state news wire MTI.

Ikarus Egyedi is not a successor company to the iconic Ikarus bus maker, which closed down in 2003.