The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Food And Beverage Manufacture Of Food Products 10.11 - Processing and preserving of meat
156 jobs Number of planned job losses
Announcement Date
6 November 2006
Employment effect (start)
Foreseen end date
Description
Vasi Hús, one of the largest meat processing businesses in Western Hungary, has gone into liquidation after the court declared its bankruptcy on 12 October 2006. Production at the Szombathely unit, Western Hungary, stopped already in June after farmers discontinued the supply to the financially unstable company. The company was unable to pay salary to its employees in the months of June-September and they received their wages from the wage guarantee fund in November only. Salaries for the term of notice and compensation are expected to be paid in the coming months, and it remains to be seen how and when suppliers and creditors of the company will receive the debts due to them. Total debts of the Western Hungarian company amount to more than HUF 1 billion (around EUR 3,970,000). The company is most likely to be sold; advertisements were put out in several papers.
Sources
7 November 2006: Népszabadság
6 November 2006: Magyar Nemzet
Citation
Eurofound (2006), Vasi Hús, Bankruptcy in Hungary, factsheet number 64645, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64645.
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