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Hungarian National Airline Shuts Down

Hungarian airline Malev says its has ceased operations and grounded all its flights to "minimize damage" as its financial situation becomes unsustainable.

Malev has debts of around $270 million and has been unable to find new investors.

The company said it stopped all its flights early on February 3.

Hungarian Prime Minister Viktor Orban said on state radio that two Malev planes were still abroad -- one in Tel Aviv, the other one in Ireland.

In January, the European Union ordered Malev to repay nearly $400 million in illegal state subsidies received between 2007 and 2010, as the funding violated EU competition rules.

Compiled from agency reports