BBC Homepage World Service Education
BBC Homepagelow graphics version | feedback | help
BBC News Online
 You are in: World: Europe
Front Page 
World 
Africa 
Americas 
Asia-Pacific 
Europe 
Middle East 
South Asia 
-------------
From Our Own Correspondent 
-------------
Letter From America 
UK 
UK Politics 
Business 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 

Wednesday, 14 February, 2001, 16:15 GMT
Bulgarian airline grounded by debts

The Bulgarian national airline, Balkan Air, which is reported to be more than one-hundred-million-dollars in debt, has grounded all its flights.

The Bulgarian prime minister, Ivan Kostov, said the Israeli company which took over the airline from the state two years ago had acknowledged that the business was insolvent.

The company, Zeevi Holdings, is suing the government for two-thundred-and-thirty-million dollars in damages over the conditions under which it bought a controlling stake.

Balkan Air has only just emerged from a pay strike by its two-hundred-and-fifty pilots, which led Zeevi Holdings to warn that the airline might close.

From the newsroom of the BBC World Service

Search BBC News Online

Advanced search options
Launch console
BBC RADIO NEWS
BBC ONE TV NEWS
WORLD NEWS SUMMARY
PROGRAMMES GUIDE
Links to more Europe stories are at the foot of the page.


E-mail this story to a friend

Links to more Europe stories