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Malev liquidation begins
16 February 2012
CFO does not rule out a new, smaller Hungarian airline as low-cost-carriers ramp up capacity in Budapest.
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Malev
Tamas Pergel
Hungary
The liquidation of Hungarian flag carrier Malev began on Monday February 14. The airline's assets will be sold to indemnify creditors and the carrier's entire staff of 1,060 will be made redundant.
Malev stopped operating on February 3 after two of its aircraft were seized by airport authorities in Dublin and Tel Aviv. Service providers lost faith in the airline's ability to meet payments after the EU Comission ordered Malev to pay back almost Eur 300 million in illegal state subsidies to the Hungarian government in January.
Over the next two months, Tamas Pergel, Malev's chief financial officer, has the responsibility of closing the balance sheet, finalizing...
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