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MÁV calls tender for HUF 13.8bn restructuring loan

MNB

State-owned Hungarian railway company MÁV has called a tender for a HUF 13.8bn restructuring loan in the European Union's Tenders Electronic Daily.

The tender is in the form of an accelerated negotiated procedure because the company's debt consolidation by September 30, 2011 "is no longer possible" and debt servicing is causing liquidity problems.

Hungary's government recently took a planned consolidation of HUF 300bn of MÁV's debt off the agenda.

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