OREANDA-NEWS. March 01, 2010. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, Hungary’s Finance Ministry, the Hungarian State Holding Company (MNV Zrt), Malev Hungarian Airlines, and AirBridge Zrt entered into an Agreement providing for changing stakes in Malev Hungarian Airlines’ charter capital through the conversion of Malev’s debt obligations to the state and AirBridge into Malev’s equity. The Company’s equity is to be increased by about 100 million euros.

Under the Agreement, the Hungarian State represented by MNV acquires no more than 95% ownership share and AirBridge Zrt retains at least 5%.

Under the Agreement Vnesheconombank remains one of the largest creditors of the Hungarian Airline. Vnesheconombank is to make a payment under the guarantee for an amount of 32 million euros and restructure credits extended to the Airline by the Bank for a period of 5 years.

The restructuring plan provides for the Airline to fulfill its obligations to Vnesheconombank in full under the terms of credit agreements between the Bank and the Airline.

At present, AirBridge Zrt owns 99.95% of Malev’s shares. It purchased Malev’s shares in February of 2007 under the privatization agreement signed with the Hungarian State Holding Company (MNV Zrt). Vnesheconombank is the shareholder of AirBridge Zrt, it owns 49.5% of the company’s shares.