Malev Hungarian Airlines on Friday ceased operations,

citing an "untenable" financial position, according to a statement on the carrier's website attributed to CEO Loránt Limburger. The move followed a recent European Commission decision that required Malev to repay significant loans. Unable to, the airline on Thursday was put "under special government supervision, which is similar to court protected restructuring procedures in various other countries," according to a statement from Oneworld, of which Malev was a member. "According to the government regulation which entered into force on 31st January 2012, assistance can be provided to those passengers who purchased their valid tickets before Malev ceased and whose travel dates are on the suspension day or on the following three calendar days," Malev stated on its website, which noted that it also would assist passengers "who already traveled to their destination on the suspension day or before and posses valid return tickets on Malev flights on a date not later than 29th February 2012." Malev did not specify how it would reaccommodate passengers, but listed phone numbers for those affected. Meanwhile, Oneworld noted that passengers scheduled to travel on Malev via code share with its members "are being offered alternative travel arrangements, or refunds in line with their regular fare rules."