Malév GH Zrt. is over
Malév GH Zrt. is terminated, and the government has decided to initiate liquidation proceedings in order to wind up the company without a legal successor, the Magyar Nemzeti Vagyonkezelő Zrt. (MNV) told MTI on Tuesday.
Pursuant to the decision of the government, the minister without portfolio responsible for the management of national assets will take measures to initiate the liquidation proceedings of Malév GH Zrt. Through Magyar Nemzeti Vagyonkezelő Zrt.
Price drop on Andrássy út – the state liquidator intervened.
Malév GH Zrt. Has been struggling with fundamental financing problems since 2012 – the liquidation of Malév Zrt. The strong competition in the ground handling market of Liszt Ferenc International Airport greatly contributed to the company’s loss-making operation and difficult liquidity situation.
It was announced that although Malév GH managed to achieve a modest profit in 2018 as a result of the reorganization started in 2017, it was not able to recoup the significant loss accumulated in previous years. Finally, Malév GH found itself in a critical economic situation and became insolvent by June 2020 due to air traffic paralyzed worldwide as a result of the coronavirus epidemic. As the European Commission (EC) launched a formal investigation into the state aid granted by the Hungarian State to Malév GH Zrt. On 28 October 2019, the state cannot provide additional resources to address the company’s financial and liquidity difficulties.
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