Albadomu's suppliers to take over company
Thursday, March 9, 2006, 10:02
The suppliers of malt factory Albadomu Maláta Bt have started negotiations with the company's creditor banks on taking it over, after the company failed to pay Ft 1.8 billion for outstanding receivables, as agreed earlier, András Sipőcz, one of the suppliers, announced on Wednesday. As part of an ongoing bankruptcy procedure, Albadomu agreed in January to make the payment to its suppliers by the end of February. If the banks agree, two of Albadomu's biggest suppliers will take over more than 75% of the company and will look for a buyer themselves.
Albadomu has debts of Ft 5.4 billion, including Ft 1.8 billion owed to suppliers, according to earlier information from Gábor Kindl, Albadomu's managing director. Albadomu has net assets of around Ft 2.1 billion, enough to cover its debts to suppliers, he said.