Restructuring events
European Restructuring Monitor (ERM)
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.
Bakony Préstechnika, a supplier of components to the automotive industry, has ceased operations, costing 250 jobs in Veszprém, Hungary.
The firm, founded only three years ago, had tremendous financial difficulties because of an inherited debt of HUF 350 million (EUR 1,3 million) from its mother company, Bakony Művek Alkatrészgyártó Zrt. The problems of Bakony Préstechnika increased with the bankruptcy of its mother company. Liquidators tried to sell the subsidiary three times independently from the mother company, arguing that its independent functioning was absolutely viable. However, as these efforts did not yield results, creditors froze the company's assets, forcing it to stop operations.
The company, based in Veszprém (Veszprém county) was producing pressed and deep drawn metal components for the automotive industry.
Eurofound (2009), Bakony Préstechnika, Bankruptcy in Hungary, factsheet number 69248, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69248.