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Balkan Bulgarian Airlines Declared Insolvent
The Sofia City Court Monday declared Balkan Bulgarian Airlines insolvent and ruled that the company does not have the right to manage or dispose of its property.
The company has been considered insolvent since November 25, 1998, Kamelia Efremova, President of the Court's Commercial Division, told the local media.
The court scheduled the first creditors' meeting for April 3.
The court decision is appealable to the Sofia Court of Appeal within seven days counted from the date of its publication in the "Official Gazette" newspaper.
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