Listen to the audio version of this article (generated by AI).
Listen to the audio version of this article (generated by AI).
The construction company announced the D, or default, issuer and debt ratings late Tuesday on the website of the Budapest Stock Exchange, where its corporate bonds are listed.
Scope said it had received confirmation that Bayer Construct initiated bankruptcy protection proceedings on Aug. 26 due to “significant financial pressure arising from recent developments, including unfavourable market conditions, regulatory changes affecting certain projects and the Hungarian government’s withdrawal from the acquisition of the Zuglo City Center office complex.”
“Bayer Construct has established a dedicated reorganisation body and indicated that it intends to continue operating throughout the proceedings, complete ongoing projects and maintain business relations with suppliers, subcontractors and other stakeholders,” Scope said.
Hungary’s Tisza government has decided to cancel the order for the Zugló City Center office complex, placed by the previous Fidesz-KDNP government, and seek a HUF 315 bln refund.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
