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Government declares Rácz baths project companies of ‘strategic importance’

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The Hungarian government has declared project companies established to renovate the Rácz baths, one of Budapestʼs original Turkish baths, of “strategic importance”, thereby necessitating the application of a special bankruptcy procedure, a decree published in the latest issue of the official gazette Magyar Közlöny shows.

The HUF 9 billion renovation and expansion of the baths, financed in part by state-owned Hungarian Development Bank (MFB), was completed six years ago, but its doors remain closed due to an ownership dispute between the city of Budapest and private investors who partnered in the project, and the ensuing liquidation procedures launched against the project companies.

The governmentʼs declaration could accelerate the process of liquidation and open the baths to the public.

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