Estonia, Financial Services, Foodstuff, Legislation, Markets and Companies

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 23:57

One bid submitted for Estonian bankrupt pork producer Rey

BC, Tallinn, 22.03.2016.Print version
The auction of the Estonian pork producer and processor AS Rey that went bankrupt last year attracted one bid from a company that wants to buy it for 300,000 euros, informs LETA/BNS.

"The auction ended last Friday and one company applied to buy the firm. The surety money has been paid up, but as the transaction has not been completed the name of the company cannot be disclosed," trustee in bankruptcy Maie Klemmer told BNS.

 

"If initially we wished to sell the company for 1.2 million euros, then owing to lack of interest we've had to continually cut the price, but 300,000 is the last limit," she added.

 

The assets have been revalued downwards mainly due to the very poor state of things in the Estonian farming sector and pig farming in particular, the bankruptcy trustee said.

 

Rey's biggest creditor is LHV Pank to which the company owes around 1.4 million euros. The second biggest creditor is the Tax and Customs Board.

 

Rey filed for bankruptcy and laid off its 43 staff in September 2015, citing the closing of export markets due to African swine fever as the reason.






Search site