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Balkan Airlines' accounts blocked

Fury erupts over fuel debt

Published: 3/8/2000

A scandal is brewing between Balkan Airlines and its diesel fuel supplier, G Trade, over alleged outstanding debts. The Sofia Regional Court is reported to have upheld the claim, made by G Trade and has moved to block the bank accounts of Balkan Airlines, amounting to some 305,000 levs ($150,054). Balkan Airlines has retaliated by sending a letter to G Trade, effectively cancelling the contract unilaterally. Sources from Balkan Airlines insist that G Trade has no right to block the carrier's bank accounts, unless it has been declared bankrupt. In July 1999, Israel's Zeevi Holdings bought 75% of Balkan Airlines for $150m and pledged to invest $100m in the company over the next five years.

Article ID: 1649

 

 

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