Malév Hungarian Airlines shuts down after 66 years

Malév Hungarian Airlines shuts down after 66 years

2012-02-04 22:59:50 GMT+7 (ICT)

BUDAPEST, HUNGARY (BNO NEWS) -- Hungary's state-run Malev airline company on Friday announced it would immediately cease its operations as Europe's economic crisis claims its second airline.

With debts totaling up to 60 billion forint ($270 million), Malév Hungarian Airlines grounded its aircraft at around 6 a.m. local time on Friday without prior notice. The airline's official website only shows an 'important passenger notice' which informs customers of refund options as a consequence of the company's closure.

In a statement, Malev director Lóránt Limburger apologized to passengers, describing the closure as 'unfortunate' and adding that advance payments from worried suppliers caused an accelerated outflow of money, ultimately causing the airline's shutdown.

The sudden closure of Malév, which was founded in 1946 and has a fleet of 22 aircraft, left more than 7,000 passengers stranded on Friday.

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