Parad Kristaly Manufaktura: no interest in sale of assets

A HUF 318.5 million (USD 1.6 million/EUR 1.3 million) tender for the assets of Hungarian crystal manufacturer Parad Kristaly Manufaktura Rt failed to attract any bidders, it was reported on 21 July 20…

A HUF 318.5 million (USD 1.6 million/EUR 1.3 million) tender for the assets of Hungarian crystal manufacturer Parad Kristaly Manufaktura Rt failed to attract any bidders, it was reported on 21 July 2005. The company“s liquidator is likely to launch a new tender in September 2005 at a lower starting price. Parad Kristaly Manufaktura is expected to halt production at its plant in Paradsasvar, southeastern Hungary, at the end of August 2005. The company has already cut staff and the remaining 80 employees will be laid off soon, Parad Kristaly Manufaktura“s liquidator said. Parad Kristaly Manufaktura has been operating at a loss for the past three years. The company exports most of its output and its difficulties originate from the weak US currency. Parad Kristaly Manufaktura entered bankruptcy at the end of 2004 over a debt of HUF 450 million (USD 2.2 million/EUR 1.8 million) to creditors. Prior to the start of the liquidation procedure, the company employed 380.