Troubled Hungarian National Rail Seeks €325m Loan

27 September 2009 (Last Updated September 27th, 2009 18:30)

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 govern

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.