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MÁV to seek HUF 88bn in loans

State-owned Hungarian railway company MÁV needs HUF 88 billion in loans to cover operating and restructuring costs and could apply at banks already at the end of October, government commissioner in charge of the restructuring of Hungary's public transportation system Károly Antali said in Wednesday's issue of business daily Világgazdaság.

MÁV needs HUF 40 billion to cover operating costs and HUF 48 billion for a restructuring to start in the second half of 2010, Antali said.

Asked by the paper what will become of MÁV's management, Antali said the entire board would have to be replaced. The head of MÁV should not have to face opposition from the head of its passenger unit on the restructuring, he suggested. (MTI-Econews)