Budapest Court orders liquidation of Ganz-MaVag
28.10.2025
The Budapest Court has begun the liquidation procedure against Ganz-MaVag and its railwaypro due to the company’s insolvency and inability to resume operations without assistance.
This is reported by the railway transport news portal Railway Supply.
Ganz-MaVag and the court-ordered liquidation
The Budapest Metropolitan Court (Fővárosi Törvényszék) has decided that the company Ganz-MaVag International Zrt. and its subsidiary Dunakeszi Járműjavító should be liquidated.
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As reported by Szabad Európa, the management of Ganz-MaVag had previously notified partners of a temporary insolvent position and had been working on a plan of restructuring. The production in Dunakeszi ceased in autumn 2024 as the financial difficulties worsened.
The company had been contracted by national operator MÁV to revamp passenger carriages, but it had been incurring losses.
Ganz-MaVag debts and the blocked Talgo acquisition
The company’s troubles financially began in 2022 when it made an acquisition of the Dunakeszi factory from Russia’s TransMash-Holding company. The company continued delivering wagons to Egypt independently through a 2018 contract that ended up causing it massive losses.
Világgazdaság estimates the company’s outstanding liabilities at more than HUF 40 billion (about $103 million).
Despite the above challenges, in 2024, Ganz-MaVag, in collaboration with Hungary’s sovereign investment fund Corvinus Zrt., placed a bid to buy Spanish train maker Talgo for $620 million. The Spanish government thwarted the deal due to security concerns. According to an article by Euractiv.
Experts warn that the loss of the Dunakeszi site could pose a problem for Hungary’s overall industrial base. The Hungarian government is thus now contemplating measures to contribute to the restructuring of the company or to encourage new investors that could retain the relevant knowledge and jobs.
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What is Ganz-MaVag?
Ganz-MaVag is a Hungarian engineering company specializing in the production and maintenance of railway rolling stock.
Who is liquidating Ganz-MaVag?
The Budapest Metropolitan Court (Fővárosi Törvényszék) is overseeing the official liquidation after declaring the company insolvent.
Why is Ganz-MaVag being liquidated?
The decision followed years of accumulated debt and the company’s inability to stabilize finances without government assistance.
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