The receivers of flag carrier Balkan Airlines submitted to the Sofia City Court on March 27 the revised rehabilitation plan as required by Kostadinka Nedkova,the judge in the bankruptcy case. The deadline for submitting in court the rehabilitation plan was March 27. If the receivers did not table the plan then, the court could have declared Balkan airlines bankrupt. Under the Commercial Code, the judge in a bankruptcy case has seven days to pronounce on the rehabilitation plan, which can be returned for modification more than once. The rehabilitation plan envisages transforming the receivables to allow creditors to acquire stakes in the air carrier. The plan also includes a five-year debt settlement scheme. The flag carrier has a recognized debt of about BGN 165 M. Over BGN 70 M are owed to the State Receivables Collection Agency. Other major creditors are Sofia Airport and the Air Traffic Services Authority.