Troubled Malev is renationalised28 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.
15 March of 2010 at 14:22
[…] MalÃ©v re-nationalization plan does not solve the issue as the airline will require continuous illegal financial aid from tax […]