Piszkei finally finds new owner

Deals

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.

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