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Hungary flag carrier shuts

[ February 6, 2012   //   ]

Hungarian national airline Malev has shut down operations with debts of about US$270 million. The 66-year old carrier went bankrupt after the European Commission ruled in January that the carrier should return the equivalent of $390 million in state aid fit had received from 2007 to 2010. The closure of the airline also has serious implications for Budapest airport, where Malev accounted for around a third of its passenger business. Most of the 22-strong fleet – 18 Boeing 737s and four Bombardier Dash 8 Q-400s – are being stored at Shannon Airport in Ireland.