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Troubled shipping company goes bust

Logistics and shipping company TW-LOG Zrt, formerly known as EUROGATE Logisztikai Zrt, has been court-ordered to liquidate after the company's voluntary liquidation process stalled, gazdasag.hu reported.

Established over 20 years ago, EUROGATE grew to become a major player on the Hungarian long-haulage market with annual revenues of several billion forints. The company, renamed TW-LOG,  went into liquidation but was unable to pay off its debts. In 2008, the company booked a HUF 8.4 million profit on revenue of HUF 4.9 billion, but a year later its revenue almost halved.