The offer for sale of Parad Kristaly, a 300-year-old Hungarian maker of fine crystal, attracted a single bid, the bailiff in charge of the company“s liquidation said on 5 September 2006. It is the fo…
The offer for sale of Parad Kristaly, a 300-year-old Hungarian maker of fine crystal, attracted a single bid, the bailiff in charge of the company“s liquidation said on 5 September 2006. It is the fourth time the company has been offered for sale. The offer was due to be assessed and a decision taken by 13 September 2006, bailiff Benedek Pinter said. The guide price for the company was HUF 144 million, well below the HUF 318.5 million guide price when the company was offered for sale in July 2005. Parad Kristaly, which exports 70% of its products to the US and Japan, has been hit by the weak dollar. It ended 2004 with losses of HUF 200 million on sales of HUF 1 billion. The company went under liquidation at the start of 2005. A tender was called in July 2005, but none of the bidders met the asking price of HUF 318.5 million and the sale was abandoned. At the second tender in October 2005, the bailiff announced no asking price. Kristaly Manufaktura Parad 1708 Export-Import, a company set up by private Hungarian investors to buy Parad, submitted the best offer in the tender, but failed to pay the purchase price, even after making a 10% deposit. At the third tender, the only bidder failed to meet certain conditions and the sale did not proceed. Production at Parad Kristaly“s factory, which employed 380 people, was shut down in August 2005. The company“s debts total HUF 300 million.