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Troubled Ganz Acél owes creditors HUF 1.7 bln

Troubled engineering company Ganz Acél owes 49 creditors about HUF 1.7 billion, but they expect to get back at most 13% of this amount when Ganz's liquidation winds up in two years, daily Népszabadság reported.

Liquidator Mátraholding said Ganz's assets were highly overvalued at a meeting of the company's creditors on Thursday. The company put its assets at HUF 2.18 billion on its balance sheet, but Mátraholding estimates their market value is closer to HUF 570m. The sale of Ganz's material assets are likely to bring just HUF 90 million, and Mátraholding would be satisfied if it could collect HUF 130 million of the company's HUF 934 million of receivables.

A sure line on the balance sheet is the company's stock of cash: HUF 290 million. (MTI – Econews)