Piszkei finally finds new owner


Bankrupt Hungarian paper maker Piszkei Papír has been sold to an unknown investor after three years of failed attempts to find a new owner, business daily Napi Gazdaság reported.

Piszkei Papír shut down production in late 2008 and was initially put on the block with a HUF 5.2 billion price tag in October 2009 but the selling price was gradually reduced to HUF 1.16 billion by July this year after more than a dozen attempts to find an investor failed.

Áfi Felszámoló és Vagyonkezelő Zrt, the company's liquidator, did not reveal the identity of the buyer or the sale price, but said the new owner wants to restart production.

Formely owned by the Greek Zeritis Group, Piszkei Papír employed nearly 400 people in its prime before it went into liquidation after it racked up debts totaling HUF 10 billion.


Avg Compulsory Vehicle Insurance Premium up 5% Figures

Avg Compulsory Vehicle Insurance Premium up 5%

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

New Home Prices Edge up 3% Residential

New Home Prices Edge up 3%

24th FIABCI Hungarian Prix d’Excellence Held Awards

24th FIABCI Hungarian Prix d’Excellence Held


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.