The sale of Parád Kristály Rt, a 300-year-old Hungarian maker of fine crystal, has failed for the third time, after the only bid for the company was rejected for failing to meet the conditions outlined in the tender, the bailiff in charge of the company's liquidation announced on Monday.
In light of the results, a new tender for the company will be called, with the same conditions as earlier, the bailiff said.
Parád Kristály, which exports 70% of its products to the US and Japan, has been hurt by the weak dollar. It ended 2004 with losses of Ft 200 million on sales of Ft 1 billion. The company, which has debts totaling Ft 300 million, went under liquidation at the start of 2005.
A tender was called in July, but none of the bidders met the asking price of Ft 318.5 million and the sale was scrapped. At the second tender in October, the bailiff announced no asking price. Kristály Manufaktúra Parád 1708 Export-Import, a company set up by private Hungarian investors to buy Parád Kristály, submitted the best offer in the tender, but failed to produce the purchase price, even after making a 10% deposit.
Production at Parád Kristály's factory, which employed 380 people, was shut down in August.