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Battling For Survival - Airlines in Bulgaria

机译：为生存而战-保加利亚的航空公司

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Following the fall of the Iron Curtain and the huge political, economic and social changes which took place in Bulgaria in the early and mid-1990s, Balkan Bulgarian Airlines, which had come to symbolise the former communist regime, was unable to commercialise its diverse activities last enough to adapt to the new conditions. An unsuccessful privatisation in June 1999 was followed by 'de-privatisation' and just two years later - in October 2002 - the well-known flag carrier of the Republic of Bulgaria disappeared altogether. A long delay had preceded the privatisation of the loss-making flag carrier in June 1999, when the Zeevi Group of Israel, together with Knafrirn-Arkia, bought 75% of Balkan's shares. Knafrim-Arkia sold its shares to the Zcevi Group only three months later. Unfortunately, the new sole owner proved incapable of undertaking the large-scale restructuring programme needed to survive in the face of fierce competition from other airlines within Europe and on February 14, 2001, the airline ceased all its services. Seven days later, on February 21, Balkan, which faced a claim for $11 million from Bulstrad, a Sofia-based insurance company, was put into receivership by the Sofia City Court. In spite of these difficulties, limited operations resumed in April under the control of a creditor's committee. However, Balkan proved unable to operate profitably and its losses and debts continued to mount, increasing the burden on Bulgarian taxpayers. Its total debts in mid-2002 were estimated as more than US $150 million, and a substantial proportion of the airline's fleet and estate was sold off at knock-down prices. After some 18 months of increasingly problematic operations under the management of a creditors' committee, the airline was forced into liquidation. This came as no surprise to Bulgaria's civil aviation community as many local analysts had predicted such an outcome when post-privatisation problems began to bite in late 2000 and early 2001. However, the creditor's committee proved unequal to its struggle for survival.
机译：随着铁幕的倒塌以及1990年代初期和中期保加利亚发生的巨大政治，经济和社会变化，巴尔干保加利亚航空公司（原先是前共产主义政权的象征）无法对其多样化的活动进行商业化足以适应新条件。在1999年6月私有化失败之后，又进行了“私有化”，仅仅两年后的2002年10月，保加利亚共和国著名的船旗国就彻底消失了。在1999年6月这家亏损的船旗国私有化之前，漫长的拖延才使以色列的Zeevi集团与Knafrirn-Arkia一起购买了巴尔干75％的股份。仅三个月后，Knafrim-Arkia将其股份出售给了Zcevi集团。不幸的是，面对欧洲其他航空公司的激烈竞争，新的唯一所有者被证明无法执行生存所需的大规模重组计划，并且在2001年2月14日，该航空公司停止了所有服务。 7天后，即2月21日，巴尔干面对索非亚市一家保险公司Bulstrad提出的1100万美元的索赔要求，被索非亚市法院判为破产管理人。尽管存在这些困难，但在债权人委员会的控制下，有限的业务于4月恢复。但是，巴尔干被证明无法盈利，其损失和债务继续增加，这增加了保加利亚纳税人的负担。它在2002年中期的总债务估计超过1.5亿美元，并且该航空公司机队和不动产的很大一部分以折价出售。在债权人委员会的管理下，经过大约18个月的日益麻烦的运营，该航空公司被迫清算。对于保加利亚的民航界来说，这并不奇怪，因为许多地方分析家曾预言，在私有化后的问题在2000年末和2001年初开始刺耳时，这样的结果。然而，债权人委员会被证明不等于其生存斗争。

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    《Air International》 |2004年第1期|p.54-58|共5页
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