No offers for Malév IATA receivables

Tourism

No offers were made for almost $13 million of former national carrier Malévʼs receivables from the International Air Transport Association (IATA), according to the airlineʼs liquidator, Hungarian news agency MTI reported today.

Malévʼs Ilyushin Il-18 arrived at London Heathrow Airport in July 1965. (Photo: Wikimedia Commons/RuthAS)

The $12.85 mln in receivables are for revenue from Malévʼs last ticket sales, before it went bust in February of 2012, the National Reorganisation Nonprofit Company said, responding to a query by MTI. 

The money held by IATA is from tickets bought by travelers at travel agents. It is IATAʼs practice to return the money to travel agents within 60 days to refund travelers if an airline goes bust. However, Russiaʼs Vnesheconombank, Malévʼs biggest creditor, contested the practice in court, and the issue has remained unresolved since.

The receivables are the last of Malévʼs assets to be liquidated.

The liquidator will announce their sale again, with unchanged conditions.

Hungaryʼs former national carrier Malév was grounded in 2012 after it experienced financial difficulties.

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