Transelektro fails to reach agreement with creditors
The owners of troubled holding company Transelektro failed to reach an agreement with creditors by the May 31 deadline, which could force Ganz Transelektro Villamossági Rt (GTV), the company exercising ownership rights over the holding company's units, into liquidation immediately, GTV CEO Gyula Tímár announced on Thursday.
Tímár, however, suggested that GTV's three units, Ganz Transelektro Közlekedési, Transelektro Energetikai and Transelektro Ganz-Rock, could still be rescued. He added that the owners of Transelektro Management Kft, which holds a 49% stake in GTV, have set up a company with registered capital of Ft 1 billion under the name Transelektro Fővállalkozó Kft to assist the units complete their orders.
Construction company Vegyépszer Rt, which Tímár also heads, owns 48% of Transelektro Management. If GTV's creditors call back the company's Ft 10 billion in loans and Ft 6 billion in guarantees, it will be forced into liquidation, Tímár said.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.