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.
Hungary Gasoline Prices 3% Over Regional Avg
Hungary to Address Future of Cohesion Policy During EU Presi...
120,000 Guest Workers Employed in Hungary
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
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.
