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Deadline for Zsolnay capital injection passes - reports

M-B has failed to make a promised HUF 500m capital injection in Zsolnay, one of Hungary’s most famous porcelain makers, by the deadline, regional news sources Uj Dunantuli Naplo and Pecsi Ujsag said on Wednesday.

Hungarian construction company KOZGEP bought M-B, which holds a 49% stake in Zsolnay, from Gellert Jaszai, a property developer, last spring and promised to inject the half a billion forints in the company by the end of 2011.

The local council, which owns the rest of Zsolnay, does not yet plan to take any legal steps in the matter, according to the reports.