Hungary's national carrier Malév could realistically break even at operating level in two-three years, but how this will happen can only be said after a complete evaluation of the airline's situation is completed by July 20, Attila Márton, government commissioner in charge of air travel, told MTI.
Malév was renationalized in February through a HUF 25.4 billion capital raise by the state, including HUF 20.7 billion in cash and HUF 4.7 billion in converted debt.
Malév owes Russia's state-owned Vnesheconombank (VEB) €102 million, Márton said. On top of this, the airline has taken a €32 million guarantee from VEB in the form of a loan, he added.
The bank guarantee covered AirBridge, Malév's former majority owner, for rental fees the airline was to pay the national asset manager under the privatization agreement, Econews reported earlier. AirBridge -- in which VEB holds a 49% stake -- still owns 5% of Malév.
Asked whether there were any plans to involve a private investor in Malév, Márton said no, but did not exclude the possibility of the airline being an attractive investment, perhaps even to Hungarian investors. The question is only when, he added. (MTI – Econews)