"The cabinet stepped in to save Malév from creditors yesterday morning, shortly before CEO Lóránt Limburger announced that the state airline did not have the funds to continue operations beyond Tuesday. The cabinet declared Malév to be a company of strategic importance, meaning that creditors cannot initiate its liquidation.Update: Malev Grounded
“The classification as a strategic company can be a successful tool in the future reorganisation of Malév,” the National Development Ministry commented.
Limburger told the board of directors meeting on Monday that “financing of Malév will face impossible conditions from the end of January, despite improving sales revenues”.
Chairman János Berényi asked the board to present a liquidity plan by the end of this week.
Budapest Airport spokesman Mihály Hardy said “it is a basic interest of the airport operator to have Malév or a different national airline operating from Budapest . . . as Malév contributes 36-40% of the revenues of Budapest Airport”.
The company has to examine the present situation and does not want to comment further, he added.
Malév announced that it had reached an agreement on leasing its planes with US company ILFC."
Source: Hungary Around the Clock
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02.02.2012