Hungarian airline Malev stops flying

Hungarian airline Malev ceased flying with debts of HUF60bn ($270m) after the government withdrew financing. Malev, placed under bankruptcy protection this week, halted all flights at 6 a.m. on Febr. 3rd, in Budapest. Malev’s CEO Lorant Limburger in a statement said that the carrier’s cash-flow became “untenable” after service providers “lost faith” and the European Commission barred further state support. Malev reported a loss of HUF24.6bn in 2010, the latest year for which results are available, little changed from its deficit in 2009.