Hungarian government in a fix now

Victoria
By Victoria February 7, 2012 17:01

Hungarian government in a fix now


Budapest Airport, which is 50%-owned by German construction company Hochtief, is reviewing this year’s business plan following the demise of Malev, the biggest carrier serving the Hungarian city, the operator said in a statement late yesterday. The airport handled 8.9 million passengers last year, of whom 3.2 million were Malev customers including 1.5 million people using the carrier to connect to other flights, Hardy said.

Plunging revenue as the result of Malev’s collapse may trigger a clause in Budapest Airport’s privatization contract that will force the government to pay the operator 1.5 billion euros ($1.96 billion), with “critical consequences” for the state budget. Will they pay?

The government sold a majority stake in the airport in 2005, and Hochtief has been a shareholder since May 2007.

Victoria
By Victoria February 7, 2012 17:01
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