Tungsram Bankruptcy Continuing Into Next Season
The majority of Tungsram Operations Kft.'s suppliers, some 58% of the unsecured creditors, supported the company's recovery plan and settlement proposal at yesterday’s bankruptcy settlement hearing, according to conservative daily Magyar Nemzet [Hungarian Nation].
However, Eximbank effectively exercised a veto, so an agreement was not reached, meaning that the long-established company has not avoided liquidation for the time being.
Eximbank supported that Tungsram revise its settlement proposal, so another round of negotiations is expected by October 15.
In terms of the number of weighted votes, 85.9% of Tungsram Operations Kft.'s creditors were represented at the hearing, some 511 people.
Jörg Bauer, president of the Tungsram Group, presented the reorganization plan to creditors.
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