Unprofitable Hungarian bus maker Nabi Bus Industries Rt will halt bus production and buy local car industry suppliers instead once executives finish reviewing contracts, business daily Világgazdaság reported, citing Chairman Attila Czondor.
Nabi will no longer make buses after a U.S. investor bought the company and the Nabi name, Czondor said. The new owners may invest in Nabi, which will be renamed Exbus.
Shareholders in Nabi on April 27 rejected the board's proposal to close the company and elected a new board.
Homerica Investments BV, a U.S. investment fund formed to buy Nabi, bought it for $2 million in cash and assumed $81.1 million of its debt in February.