It appears that the Hungarian carrier Malev appears to be in a precarious state, with Hungary taking steps to restructure the company – by passing a decree to protect the Malev from bankruptcy proceedings.
Malev – one of the bigger occupiers of Budapest International Airport – was ordered to repay the state aid lent to it by order of the European Commission.
The decree was signed by the prime minister to protect the airline, and it allows a government body to run any liquidation procedure started against the company and handle its assets.
Malev employs over 2600, but has been suffering losses to the tune of 24.6 Billion Hungarian Florints in 2010, and it seems to be running low on working cash.
It seems the dominoes are lining up this year for airline failures (with Spanair being the first this year). Is Malev next? Or will BMI fall if the IAG takeover doesn’t go ahead. Certainly the more basket case of the airline, the more chance it’s going either taken over or in the pages of history.
For now, all Malev flights are operating – but don’t be surprised if bigger issues appear along the line…
The local currency is Forint (HUF)…not Florint. Common mistake for some reason.
One thing you fail to mention in your blog post is the question that OneWorld is starting to look more like onePOORworld!
Mexicana = Collapsed
Malv = next to collapsed
So who’s left?
AA (bankrupted), Cathay, BA, Iberia, S7, Royal Jordan, LAN, Qantas, Fin….
AA gets absorbed by Delta or US could risk leaving oneworld. Joing star or skyteam
LAN is merging with TAM and could stay in Oneworld, but may even join Skyeteam per some reports. Looks like Oneworld would Be a tri-continent
Sure Kingfisher is joining, But they are cash strapped too!!
Looks like OneWorld is no needs to be Dubbed PoorWorld
oh ya, I forgot JAL