newstodate.aero
Feb 02, 2012 (newstodate): Hungary's national carrier listed as a "strategic asset" by the state is deep in troubles and may end up with wings clipped.
The carrier has now been placed under extraordinary protection from creditors, and a receiver has been appointed in preparation of a potential grounding of the fleet.
The airline can thus not pay its bills without the consent of the receiver, and details on the imminent future of the airline is due for today in Budapest.
On top of steep operational losses and debts piles, the carrier has been ordered to repay state aid in the millions of euros by the EU Commission.
Only a last-ditch effort by a private investor group can now save the airline from bankruptcy and eventual demise from European aviation.
Earlier efforts to attract such investors came to an end in late 2011 as Hainan Airlines pulled out of negotiations.
Malev, set up in 1946, has a fleet of 22 aircraft serving 50 cities in 34 countries worldwide.
The carrier has now been placed under extraordinary protection from creditors, and a receiver has been appointed in preparation of a potential grounding of the fleet.
The airline can thus not pay its bills without the consent of the receiver, and details on the imminent future of the airline is due for today in Budapest.
On top of steep operational losses and debts piles, the carrier has been ordered to repay state aid in the millions of euros by the EU Commission.
Only a last-ditch effort by a private investor group can now save the airline from bankruptcy and eventual demise from European aviation.
Earlier efforts to attract such investors came to an end in late 2011 as Hainan Airlines pulled out of negotiations.
Malev, set up in 1946, has a fleet of 22 aircraft serving 50 cities in 34 countries worldwide.