MAV is Seeking Bank Loan

07 October 2009 Wednesday, 11:38

The debt-ridden Hungrian national rail company MAV (Magyar Államvasutak) is seeking a €325m (HUF88bn) bank loan.

If approved, half of the money would be used for a major restructuring programme for the organisation in 2010 and the remainder would compensate for the planned cut in government subsidies.
The rail company has debts of more than HUF200bn.

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