http://www.digitaljournal.com/article/125103

Hungarian National Airline sold off

Posted Feb 23, 2007 by sibananda

http://news.bbc.co.uk/2/hi/business/6391387.stm

Malev, the Hungarian national Airline which was in debt trap has been privatized.
Untitled
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.