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Rynart goes under liquidation

Int’l Relations

Rynart Transport Hungary Kft, one of the largest logistics/cargo transport companies in the region, and asset management company RTH Kft, the owner of the 300 vehicles used by Rynart, initiated a liquidation procedure against themselves.

The Pest County Court assigned economic consultancy Mátraholding Zrt and liquidator company Reorg Kft as liquidators of Rynart Transport and RTH respectively. According to economic weekly HVG, the owners of the two Rynart companies decided on liquidation because there was no loan granted any more to the company group and Dutch parent company Rynart Transport B. V. had to face a bankruptcy procedure in September.

According to the 2006 balance sheet, Benelux Bencis Rynart Investments granted a loan of €32.5 million to Rynart Transport Hungary, which produced a sales revenue of Ft 18.5 billion and a break-even result (of Ft 94 million) last year, as against the loss of Ft 1.1 billion in 2005. Rynart’s largest clients (e.g. retail chain Tesco Zrt and household product manufacturer Unilever Hungary Kft) did not terminate their contracts with Rynart. (Napi Gazdaság)

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