CABINET PREPARES AMENDMENTS TO SPEED UP FLAG CARRIER RESCUE

Business | January 28, 2002, Monday // 00:00

The Government is preparing amendments to the Trade Act that would enable to launch a rehabilitation program for the debt-ridden flag carrier Balkan Airlines, overriding objections by the company’s majority owner, Israeli businessman Gad Zeevi, governmental official said, quoted by Dnevnik Daily. “The amendments would clear the way for conducting the program – hurdles created by unhappy creditor would be eliminated," Balkan’s receiver Hristo Mollov told the daily. A rescue plan for the company prepared by Balkan’s receivers has been locked because ZBI and Bulgarian Airlines Holdings BV, two companies controlled by Gad Zeevi, had appealed against a lower court decision that effectively took them off the list of Balkan’s creditors. Balkan has been in receivership since March, 2001.
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