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Malev’s Debt Amounts to More Than $556 Million, Napi Reports

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Feb. 21 (Bloomberg) -- Malev Zrt., Hungary’s insolvent state-owned airline, had more than 120 billion forint ($556 million) of debt by Feb. 1, Napi Gazdasag reported, citing Jeno Varga, the airline’s bankruptcy trustee.

That figure includes 120 million euros ($159 million) of claims by Vnesheconombank, or VEB, Russia’s state development bank, which owns a minority stake in the company, the Budapest-based newspaper said.

Malev has more than 20 billion forint of state-guaranteed bank loans and owes 14 million euros to Budapest Airport, of which Hochtief AG owns 50 percent, Napi said.

To contact the reporter on this story: Edith Balazs in Budapest at

To contact the editor responsible for this story: James M. Gomez at

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