Offer of HUF 1.1 bln made for Pápai Hús assets

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A HUF 1.1 billion offer has been made for the assets of meat company Pápai Hús, daily newspaper Népszabadság reported today. This is the best offer so far for the firm, which can expect a softer landing to its bankruptcy because the government has declared an interest in the matter, according to state news agency MTI.

The offer is the largest of two so far for the company’s assets, with the initial offer of HUF 110 mln previously declined, MTI noted.

Pápai Hús’s assets were appraised at HUF 3.6 bln by state-owned liquidator Nemzeti Reorganizácios Nonprofit, Népszabadság reported. 

The local council of the town of Pápa placed Pápai Hús under liquidation last November, at which point the government declared it as of “special strategic importance”, granting a different set of rules to the liquidation procedure, according to MTI.

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