Malév has announced that it ceased operations at 06.00 local time today. The Hungarian flag carrier has been under financial pressure since the European Commission ordered the airline to repay state loans it had received between 2007 and 2010.

In a statement, Malév said that service providers had lost confidence and sought payments in advance, leading to an “untenable situation” for the airline.

Prime Minister Viktor Orbán, speaking on radio station Kossuth earlier today, said that there were was still a need for a national carrier and a re-launch is not impossible. However there are very few potential investors in the European air industry at the present time.

Formed in 1946, with its head office in Budapest, Malév had a network of 50 destinations in 34 countries using a fleet of 22 aircraft. It had been a member of Oneworld since 2007.

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