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Transelektro receives bridging loan

Troubled holding company Ganz Transelektro Rt has received a Ft 3 billion bridging loan, backed by a 75% state guarantee, from its creditor banks, Gyula Timár, Transelektro president and CEO of Vegyépszer Zrt, Transelektro's biggest owner, announced on Friday.

Finance Minister Janós Veres and Minister of Economics and Transportation Janós Kóka signed the guarantee contract on Friday, Timár said. The banks providing the loan are MKB Bank, the Hungarian Development Bank (MFB), Commerzbank, Eximbank, K&H Bank, KDB Bank, OTP Bank, Raiffeisen Bank and IC Bank. The board will discuss a faster reorganization process at a meeting in the coming week.