Following Moststroy's file for bankruptcy, investors start to view with even more skepticism companies, which are heavily in debt and complicated structure of assets, analysts say.

"There are still many companies, which may find themselves in hot waters over their debts, but so far they manage to serve their credits," says an analysis of Elana trading.

The analysts' review of indebted companies according to the main indices of the stock market SOFIX and BG40 shows that Evrohold Bulgaria, Petrol, Holding Roads and Kaolin are the companies with higher levels of debt as compared to the resources available.

According to the analysis the holding companies with bigger and more complicated structure will be closely monitored by investors and their shares will most probably lag behind the developments of the market in the mid-term.

Construction company Moststroy AD shed 88% of its market value as around 450,000 shares were traded on Thursday after the company announced that it has filed for bankruptcy as all its bank accounts were frozen because of unpaid debts.

A loan borrowed from the United Bulgarian Bank, a unit of the National Bank of Greece SA, was due on May 31, but the company said it has no money. Its construction machines and other equipment have been seized by Interlease, the company that leased them.

According to analysts the file for insolvency of Moststroy AD is very bad news for the Bulgarian capital market, but comes as no surprise. The precedent is feared to further dent the trust of the investors, particularly those from abroad, and make it more difficult to get credits from banks.

Under local legislation a company, which has declared insolvency, can restructure and draw up a rehabilitation plan.