Tuesday, December 8, 2009
With the privatization of Alitalia and Olympic Airways earlier this year, it appeared the days of the EU Member State flag carrier were coming to a close. Not so, apparently. According to a new report, Hungary is poised to forgo HUF 19 billion in debt of its former State carrier Malév. See Hungary to Forgo Debts of Ailing Airline Malév . . ., Portfolio.HU, Dec. 4, 2009 (available here). As part of the deal, Hungary could convert its claims into a majority ownership stake. According to the report, the Hungarian Government is looking to partner with Malév's Russian parent company, AirBridge, to help the carrier return to profitability.