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State-owned porcelain maker Hollóházi insolvent

Hungarian porcelain maker Hollóházi, majority owned by the state, has become insolvent, MTI learnt on Friday.

A mandatory liquidation procedure has been launched against the company, but the Hungarian National Asset Management Company (MNV) has drawn up a new strategy that aims to maintain the company's heritage with an eye to the employment situation in the area, MTI learnt. The plan is to be implemented within the framework of a wholly state-owned company.

Under the plan, some of the company's activities will be transferred to Hollóházi Hungarikum Közhasznú Nonprofit.