Controversial Bulgarian Top Tourist Agency Files for Bankruptcy, Stops Operation

Business » TOURISM | September 20, 2011, Tuesday // 19:23
Bulgaria: Controversial Bulgarian Top Tourist Agency Files for Bankruptcy, Stops Operation Hundreds of international tourists, predominantly Russian, waited for hours at Bulgaria's Burgas and Varna airports for their cancelled flights to be rescheduled after being cancelled due to a trade dispute. BGNES

All companies in the group of Alma Tour, the Bulgarian operator recently involved in a scandal with hundreds of stranded foreign tourists, have filed for bankruptcy.

The reports issued earlier Tuesday were later confirmed by Bulgaria's Ministry of Economy.

Bulgaria's Commission on Consumer Protection, has stated it will launch an investigation of improper handling of business on the part of the company.

Problems with Alma Tour surfaced some ten days ago, when close to 1,000 international tourists, most of them Russians, were stranded at Bulgarian Black Sea airports of Burgas and Varna.

Their flights were cancelled by carrier Bulgaria Air over what it claimed to be EUR 3.6 M debts from Alma Tour, which had booked the tourists' trips.

According to information released Tuesday, the biggest creditor of Alma Tour is the Bulgarian Commercial Corporate Bank, with which the company has pledged its assets for EUR 13 M.

Alma Tour has not issued a statement on the filing of bankruptcy, but has stated it is closing down all operations starting Thursday.

Offices of the company around the country Tuesday were either closed or did not book reservations due to "financial hardship."

All Alma Tour clients will be serviced until Thursday, after which they will have to seek indemnities in case contracts are not fulfilled.

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Tags: Corporate Commercial Bank, bankruptcy, tourists, stranded, Bulgaria Air, Alma Tour, Russians, Varna, Burgas, Black Sea

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