BUDAPEST, Feb 26 (Reuters) - The Hungarian government has reached an agreement with the Hungarian and Russian shareholders of indebted airline Malev about a bailout for the company, a Hungarian government source said on Friday.
'The agreement has been practically reached, but the shareholder meeting is still ongoing,' the source told Reuters.
The two governments have been in talks for almost a year over loss-making Malev, owned by Airbridge in which Russia's state-owned Vneshekonombank holds 49 percent, with the rest of the shares held by Hungarian executive Magdolna Kolto.
A statement from the government is expected later on Friday.
Hungary's government said last year that it planned to convert some of its financial guarantees into a stake in Malev which was badly in need of fresh capital.
(Reporting by Krisztina Than;) Keywords: HUNGARY MALEV/ (krisztina.than@reuters.com; +36 1 327 4745; Reuters Messaging: krisztina.than.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'The agreement has been practically reached, but the shareholder meeting is still ongoing,' the source told Reuters.
The two governments have been in talks for almost a year over loss-making Malev, owned by Airbridge in which Russia's state-owned Vneshekonombank holds 49 percent, with the rest of the shares held by Hungarian executive Magdolna Kolto.
A statement from the government is expected later on Friday.
Hungary's government said last year that it planned to convert some of its financial guarantees into a stake in Malev which was badly in need of fresh capital.
(Reporting by Krisztina Than;) Keywords: HUNGARY MALEV/ (krisztina.than@reuters.com; +36 1 327 4745; Reuters Messaging: krisztina.than.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.