The Budapest-Capital Regional Court of Appeal upheld an earlier court ruling that bankruptcy proceedings against printing house Revai Nyomda should be closed and the company should be liquidated.Norske Skog Bruck GmbH initiated bankruptcy proceedings against Revai Nyomda in the summer after the two parties could not reach a bankruptcy agreement. The publishing company has failed to reach a profit for years, in 2013 its net loss exceeded HUF 1bn, and had negative shareholders’ equity. Spanish venture capital company GED acquired 100pc of Revai Nyomda through its Romanian unit, Infopress Group, in 2011. One year later the company’s assets were mortgaged by 22 companies, including Deutsche Leasing Hungaria and Commerzbank.