Hungary's Cerbona on Monday said its board decided to put the food company under voluntary liquidation after years of cash trouble exacerbated by market changes and the crisis.
The employment contract of Cerbona's CEO has been terminated with immediate effect, in line with an earlier agreement between him and the board, and will be replaced by a bailiff in the procedure, Cerbona said.
The board will head the company until the procedure is started.
Cerbona filed for bankruptcy protection in 2010, after its banks stopped lending it money and put liens on collateral. In the past weeks, the company has received several offers for its assets by domestic and foreign professional investors. The board believed the company was unlikely to reach a new agreement with its creditors and decided to start a voluntary liquidation with the aim of keeping the jobs of its almost 400 workers. (MTI-Econews)