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Transelektro chairman Székely to resign

The chairman of Transelektro Rt, a holding of 20 machinery and real estate companies, will resign after creditors seized control of the indebted company, Népszabadság reported, citing company executives. Miklós Németh, chairman of Transelektro creditor Közgép Rt, will be named general manager of the company, the newspaper reported, without saying who will replace Székely. Budapest-based Transelektro amassed some 47 billion forint of debt to suppliers and banks. Transelektro employs between 1,600 and 1,700 people. Creditor Vegyépszer Rt acquired a 48% stake in the company last month.