Govt declares Rac baths project company of “strategic importance”

Budapest, June 15 (MTI) – Hungary’s government has declared a project company established to renovate the Rac baths, one of Budapest’s historic Turkish baths, of “strategic importance”, requiring the application of a special bankruptcy procedure, a decree published in the latest issue of the official gazette Magyar Kozlony shows.

The 9 billion forint (EUR 28.7m) renovation and expansion of the baths, supported by financing from the state-owned Hungarian Development Bank (MFB), was completed six years ago, but its doors remain closed because of an ownership dispute.

Photo: misibacsi, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=15409079

Source: http://mtva.hu/hu/hungary-matter