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State raises Malév capital by HUF 14.7 billion

The Hungarian National Asset Management Company (MNV) raised capital at national carrier Malév by HUF 14.7 billion at an extraordinary shareholders meeting on Friday, MNV told MTI.

MNV converted HUF 9.4 billion of Malév's debt, including principle and interest, and injected HUF 5.3 billion of cash into the company. At the same time, MNV lent Malév HUF 5.7 billion to ensure the liquidity the airline needs to operate.

Malév has received owner loans of HUF 9.2 billion since it was renationalized.

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. The state acquired a 95% stake in the airline and former majority owner AirBridge kept 5%. Russia's state-owned Vnesheconombank (VEB) – Malév owes the bank about €102 million – owns 49% of AirBridge. (MTI-Econews)