Nitrogenmuvek in Last-Ditch Talks to Avert Default on Euro Bond
Nitrogenmuvek, Hungary's cash-strapped fertilizer maker, is locked in 'very active' negotiations with creditors to extend the maturity of a €200 million ($222 million) bond that's due in a day, Chief Strategy Officer Zoltan Bige said.
While Nitrogenmuvek paid its last coupon this week, it's not in a position to repay the principal, Bige told Bloomberg News in an interview on Tuesday. Some of the company's financial constraints can be blamed on a discriminatory and 'unmanageable' Hungarian tax it's contesting in court, he said.
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