Hungarian construction giant files for bankruptcy protection after state pulls out of €870mn office deal
9 Articles
9 Articles
In addition to Bayer Construct, the project company for the Zugló office investment, ZVK Development Kft., also filed for bankruptcy protection.
This time it is about ZVK Development Kft., the developer of the famous and infamous Zugló city center project.
The bankruptcy proceedings initiated by Bayer Construct may be based on a conscious legal strategy. If the company disputes the Hungarian state's claim, the state will lose its voting rights during the process, so the company could completely exclude it from decision-making with a possible forced settlement - warns a bankruptcy lawyer regarding the news.
This time, it was the turn of a company connected to the development of the Bosnyák Square city center in Zugló.
However, company owner Attila Balázs was still expecting a profit at the end of May. The post Bayer bankruptcy gave the government a serious challenge: the Vitézys would have to negotiate hundreds of billions first appeared on 24.hu.
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