The ongoing saga of the Orco Property Group continues, with reuters reporting today that the big listed developer with numerous projects underway in Hungary (and the region) is starting the “next stage” of its restructuring program. In addition to sacking more than 200 staffers and closing some offices, the company says it will be “disposing of non-core assets,” PR-speak for selling whatever it can to raise cash. No word on what assets are going to be dumped, but since Hungary is increasingly seeming “non-core” to investors everywhere, expect the local fallout to be significant.
More scary company news from Orco
- Hungary in talks with Russian lender to revive Malév as failed air carrier slashes 2,000 jobs [4]
- Former Finance Minister Oszkó accused of benefiting from Malév’s collapse; revealed to have joined board of rival WizzAir
- Hungary used car imports double, average age rises
- Fewer employees receive perks in June-December 2011, survey shows [1]
Comments [2]
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What non-core assets do they have?
All of them?