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Nabi sells Hungarian plant to U.S. investor to cut debt

Nabi Bus Industries Rt, the unprofitable busmaker sold to a U.S. investor last month, said it sold its plant in western Hungary to the same buyer to reduce debt.

Nabi, the third-largest supplier of city buses in the U.S., sold its Kaposvár, southwest Hungary plant to Homerica Investments BV, a company formed by an unnamed U.S. investment fund to purchase Nabi, the company said in a stock exchange statement. Nabi agreed in May to cut its debt and sell a third of the company and 90% of its U.S. unit to creditors. Nabi said Homerica bought it for $2 million in cash and assumed $81.1 million of its debt on Jan. 23. The Kaposvár plant, which Nabi spent $15 million to build to produce its fiberglass model, Compobus, closed in July. Funds from the sale, expected to close by Feb. 15, will go to pay debt, the company said.