South Hungarian spa operator Harkányi Gyógyfürdő Zrt is on the verge of bankruptcy after it piled up unpaid debts of HUF 350 million, regional daily Új Dunántúli Napló reports.
The spa got into a liquidity crunch after it made a substantial loan to the town of Harkány, which it has been unable to recover, the paper said. Harkányi Gyógyfürdő is valued at about HUF 6 billion.
Tibor Schwarz, the company’s recently-appointed chief executive, said Harkányi Gyógyfürdő is currently undergoing a major restructuring in a bid to put the company back on a solid financial footing. Majority owned by the local council, Harkányi Gyógyfürdő is the largest spa in Baranya county.
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