Bulgarian Tour Operator Servicing Russian Customers Goes Bankrupt

Business » TOURISM | August 22, 2012, Wednesday // 18:18
Bulgaria: Bulgarian Tour Operator Servicing Russian Customers Goes Bankrupt The bankruptcy of BVT is expected to affect some 400-500 tourists who are now spending the holidays in different Bulgarian resorts. Photo by e-burgas.com

Bulgarian tourist company Bulgarian VIP Tours (BVT) has informed its Russian partners that it is stopping operations.

According to Irina Turina, press-secretary of Russian Tourist Industry Union, as cited by RIA Novosti, the move may affect hundreds of Russians spending their holidays in Bulgaria.

Turina informs that tour operators working with BVT received letters on Tuesday saying that the company can no longer fulfill its obligations to its partners.

"The management of Bulgarian VIP Tours (BVT) is very sorry to announce that we are forced to stop business operations. This is a very tough decision both for us and for you. The bankruptcy of one of our main partners, the postponement of new investments, and the atrocious conditions imposed by creditors brought us to this situation in which we are unable to continue our activities," BVT's  letter says.

According to Turina, some of the tourists in some hotels have been asked to pay for their stay again.

In her words, the case involves some 400-500 tourists who are now staying in different Bulgarian resorts.

"The problems of BVT started after the bankruptcy of Capital Tour which owed the company EUR 2 M. The Bulgarian firm did not manage to recover from the blow and was forced to leave the market after almost two years," the press secretary of the Russian Tourist Industry Union notes.

"Fortunately, major Bulgarian tour operators have not worked with BVT. It was second-rate companies that were affected. The step would have otherwise hit a much larger number of tourists.

Some partner tour operators of BVT have paid the firm sums of several thousand euro for the accommodation of their tourists by the end of the season and the money will most probably be lost.

In Turina's words, BVT's halt of operations is likely to result in damages of up to EUR 300 000.

One of the biggest Russian tour operators, Capital Tour, went bankrupt in November 2010, which affected over 8000 clients of the company who had paid their holidays several months in advance.

Bulgaria was one of the main destinations of Capital Tour and BVT received its guests in the country.

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Tags: tour operator, Russian tourists, bankruptcy

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