Malév Crisis: Emergency Liquidity Plan, Extremely Limited Room For Manoeuvre
- 31 Jan 2012 8:00 AM
"During today’s meeting of the Board of Directors, Chief Executive Officer of Malév Lóránt Limburger informed the Board that despite the continually improving commercial results the financing of activities had become unviable and was unresolved from the end of January. At the same time, talks with ILFC on Friday had proved successful after agreement was reached that the American leasing corporation would continue to make the aircraft available for continuous operations.
Update: Malev Grounded
In the interest of ensuring continuous operations, Chairman of the Board of Directors Dr. János Berényi requested Malév management to draw up – by the end of the week – a liquidity plan for the immediate future.
After discussing the Malév report the Board of Directors approached the owners with a request to do everything possible to resolve the situation, even though the Board recognized that due to the EU Commission ruling reached in January concluding that financing provided between 2007 and 2010 was unlawful state support, which further burdens the company’s heritage, the room for manoeuvre of the government is extremely limited."
Source: Malev.com
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