Hungary's MAV seeks EUR 46.5mn restructuring loan.

By bne IntelliNews October 12, 2011
Hungary's incumbent railroad company MAV has announced a tender for a HUF 13.8bn (EUR 46.5mn) restructuring loan, portfolio.hu reported citing information from the EU public procurement gazette. The move is attributed to the inability of the company to cover its outstanding debt payments, which will result in liquidity problems. MAV had panned its operating and financial activities based on the government's announcement from the spring that the state would support the debt consolidation of the company with HUF 300bn. At end-September, however, the state renounced the idea. The debt consolidation would have relieved MAV from the repayment of HUF 40-45bn principal and HUF 15-20 interest payment in 2011.

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