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Zalabaromfi general meeting rejects liquidation

Yesterday's general meeting of debt-ridden meat producer Zalabaromfi Rt rejected a liquidation proposal put forward by Monopolis Kft, the company's majority owner, business daily Napi Gazdaság reported.

Monopolis, which belongs to the Carnex group, initiated liquidation after the company accumulated debts totaling an estimated Ft 8.5 billion. Following the decision, CEO László Papp and the Monopolis representative resigned from their posts.
Zalabaromfi's poultry suppliers, who are owned about Ft 4.5 billion, are looking to acquire a stake in the meat maker and have already started negotiations with creditor banks on reviving the company.
Last year, Zalabaromfi reported Ft 400 million in losses due to falling sales, partly attributable to the bird flu scare.