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Pápai Hús takes loan to pay creditors

Telco

Hungarian meat company Pápai Hús 2013 will pay its creditors by the end of June after receiving HUF 4.2 bln in loans from the state-owned Hungarian Development Bank (MFB) pursuant to a contract signed on Wednesday, Mayor Tamás Áldozó of Pápa, where the company is located, announced on Thursday evening.

Álfozó said that Pápai Hús received a HUF 3.7 bln investment loan and a HUF 500 mln working-capital loan from MFB. Pápai Hús 1913 applied for bankruptcy protection in July 2013. The company reached an agreement with its creditors in January 2014.

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