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Transelektro to file for bankruptcy protection by May 31

Troubled holding company Transelektro will be forced to ask for bankruptcy protection as it fails to reach a preliminary agreement with its creditors by May 31, Gyula Tímár, CEO of Ganz Transelektro Villamossági Rt, which exercises control over the holding company, announced on Thursday.

If a preliminary agreement cannot be reached, other Transelektro units Ganz Transelektro Közlekedési, Transelektro Energetikai es Környezetvédelmi and Transelektro Ganz-Rock Kazán es Erőművi Berendézesek will also file for bankruptcy protection, Tímár said.
Tímár said some of Transelektro's owners, Közgép Rt and Resonator Kft, had set up a company with registered capital of Ft 1 billion to finance some of the group's current projects which banks have refused to back.