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Hungarian airline Malev collapses

3 February 2012

The Hungarian national airline Malev has folded after its financial situation became unsustainable.

At 0500 GMT… after 66 years of almost continuous operation Malev will no longer take off,” it said.

It came after the European Commission ordered Malev to repay various forms of state aid received from 2007 to 2010.

The sums involved amounted to 38 billion forints (130m euros; $171m; £108m), a sum equal to its entire 2010 revenue.

source: BBC.co.uk

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