Hungarian Fertilizer Tycoon Digs In as Creditor Spat Deepens
Laszlo Bige, the owner of Hungarian fertilizer maker Nitrogenmuvek Zrt, ruled out using tangible assets as collateral in a standoff with creditors over extending a looming maturity date for its bonds.
Talks between Nitrogenmuvek and holders of around 70% of the €200 million ($228 million) of bonds due in mid-May concluded last week with no deal. The creditor group had asked for tangible assets to be posted as collateral, as well as some sort of contribution from shareholders as part of the refinancing, Bloomberg reported.
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