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Vegyépszer Hungária asks for bankruptcy protection

Hungarian construction company Vegyépszer Hungária on Monday submitted a request for bankruptcy protection in order to give the company time to find a way to repay its outstanding debts, Vegyépszer Hungária told MTI on Monday evening.

Vegyépszer Hungária assumed HUF 16 billion in short-term liabilities from construction company Nemzetközi Vegyépszer when it spun off from the latter firm in February, internet portal reported at the time. Vegyépszer Hungária attributed the company's unpaid debt to financial difficulties stemming from the contraction of the construction sector following the onset of the global economic crisis in 2008.

The company noted that it was forced to suspend a HUF 80 billion project to build infrastructure and public facilities in Libya as a result of the civil war that erupted in that country in February.