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.

Related Articles

Assets of Hungarys investment funds up 3.2% m/m in Feb 2013.

Hungary's investment funds had aggregate assets of HUF 3.657tn (EUR 11.98bn) as of end-February 2013, up by 3.2% m/m, MTI news agency reported citing data from the association of investment funds ... more

Hungary's number of employees down 0.6% y/y in Jan 2013.

The number of employees in Hungary's public and private sectors fell for the tenth straight month in January 2013 declining by 0.6% y/y to 2.574mn, the statistics office informed. The decline ... more

Hungarys MVM clears deal for purchasing E.ONs local units.

The assembly of state-owned Hungarian Electricity Works (MVM) has approved the purchase of the local gas business of German power utility E.ON, Hungary AM reported, citing local daily Magyar ... more

Dismiss