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Budapest And Moscow Work On Malev's Revival

Fri Feb 10, 2012 4:33 pm

Good afternoon,

It seems that the Hungarian government is not giving up on Malev. Teams of experts in both Moscow and Budapest are working hard on finding ways to bring back the old Hungarian national carrier, Malev.
The impact of the loss of Malev on the Hungarian budget became evident last Friday when Malev grounded its entire fleet.

The team is made up of air traffic experts and old Malev employees and talks with the ILFC have been launched related to leasing again some of the old fleet.

Talks with the Vneshekonombank bank of Moscow are currently taking place. Though last week the bank showed the door to the negotiating delegation this week they were back to discussing the details related to a €120 m loan.

Malev was forced to ground its fleet after its aircraft was impounded in Tel Aviv, but also after it failed to secure €30 mil in bank guarantees which were demanded by IATA for the use of the e-ticketing system.

Naturally the government said that before the airline is reborn there needs to be a good investor who will be able to provide the necessary funds for the airline.

Out of the 2,600 employees of the Malev Group 2,080 will be fired.


I am personally happy that there are still chances of Malev being reborn. Yes I know that the market in Budapest is saturated with all sort of new airlines and of course Wizz Air and Ryanair but... I am sure that these guys have far more information than us so I guess we have to trust them.
However it seems that what they are trying to do with Malev is the same the Italians did with Alitalia or the Greeks with Olympic.


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