Parad Kristaly Manufaktura - No Interest In Sale Of Assets

A HUF 318.5M tender for the assets of Hungarian crystal manufacturer Parad Kristaly Manufaktura failed to attract any bidders, it was reported. The company's liquidator was to launch a new tender Sept/05 at a lower starting price. The company had 380 employees prior to the start of the liquidation procedure and the remaining 80 employees will be laid off soon, Parad Kristaly's liquidator said. The company had been operating at a loss for the past three years. The firm exported most of its output and difficulties originate from weak US currency. Parad entered bankruptcy at the end of 2004 over a debt of HUF 450M to creditors.