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Foreign investor in talks to buy Cerbona assets

An unnamed foreign investor is in talks to buy the assets of and revive troubled Hungarian grain company Cerbona, business news portal gazdasag.hu reports.

The Fejér County Court initiated liquidation of Cerbona on May 19. Cerbona's board decided on the voluntary liquidation in January after it failed to reach an agreement with creditors.

If Cerbona's management and owners can reach an agreement with the company's creditors, the foreign investor could buy its assets and operation may continue in a new company, said chairman Dezső Balogh. Banks and other creditors would be repaid in part, he added.

Cerbona's headcount dropped from more than 360 in November, when it started talks with creditors while under bankruptcy protection, to about 300 at present.

If an agreement with creditors is reached, most jobs at Cerbona could be saved, Balogh said.