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article imageHungarian National Airline sold off

By sibananda     Feb 23, 2007 in Business
Malev, the Hungarian national Airline which was in debt trap has been privatized.
Hungarian consortium Airbridge backed by Russian KrasAir, has purchased the 99.95% stake in Malev for $ 1.04 million. The consortium will also make a cash injection and repay some of its 32bn forint (£85m) debt. KrasAIR ,the Russia’s fifth largest airline has a 51.% stake of Kremlin
Chief Executive of KrasAir Boris Abramovich said they will try to change the Hungarian Airline Malev t a profitable organization within two years.
Malev has 29 aircraft and carried about three million passengers in 2005.
It is seen that Air lines in different countries are facing a huge loss due to competition and poor service to passenger.
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