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Elcoteq files for bankruptcy

Finnish electronics manufacturer Elcoteq, which operates a Hungarian unit in Pécs (S Hungary), filed for bankruptcy on Thursday as a result of falling sales and a failure to restructure the company's debt, Elqoteq reported.

Elcoteq, which maintained three production sites with a combined staff of about 7,000 in Hungary before the crisis, currently operates one plant in the city of Pécs, employing 1,500 workers, many of whom have been given notice of dismissal, according to press reports.