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MFB begins disbursement of Pápai Hús loan

The Hungarian development bank MFB has begun disbursing a HUF 5.5 billion (€18.53 million) loan to Pápai Hús 1913, the new owner of Hungarian meat company Pápai Hús, a Ministry of Agriculture official announced.

Pápai Hús1913, which purchased the beleaguered meat company for HUF 4.5 billion on December 11, had signed the loan contract with MFB last Wednesday.

Pápai Hús1913 is a project company composed of company suppliers, workers and the Papa (W Hungary) local council.

Pápai Hús had been under liquidation for two years but has continued operations. It expected to have revenue of HUF 19 billion in 2008. (MTI – Econews)