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Troubled Malev is renationalised

28 February 2010

Hungary’s Government has stepped in to rescue struggling flag-carrier Malev, retaking control of the airline three years after its privatisation.

The Government, via state holding company MNV, has agreed to acquire a 95% stake in Malev through a Ft25.2 billion ($127 million) investment funded partly by cash and partly by debt conversion.

The finance ministry says that the acquisition will clear the way towards creating stability for the troubled airline. But the ministry warns that “intensive” restructuring is required in order to minimise the burden on taxpayers and ensure that the rescue does not constitute illegal state aid.

source: flightglobal.com

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  1. Wizz Air is outraged at the re-nationalization of Malév - Trabber News dice:

    […] Malév re-nationalization plan does not solve the issue as the airline will require continuous illegal financial aid from tax […]