Банкеръ Weekly



The Supreme Court of Cassation confirmed a decision, made by the Plovdiv Court of Appeal earlier this year. The Plovdiv magistrates canceled the insolvency of Puldin Air, based in the village of Voissil. That's how they put an end to the four-year legal debates between the creditors and the owners of the ailing air company. (The BANKER weekly describe the case in detail in its Issue 22, dated May 31, 2003).The implementation of the rehabilitation plan projects that the liabilities of the agricultural aviation company should be paid off in five equal instalments within a five-year term. By May 28, 2000, these debts amounted to BGN410,292, of which BGN151,000 payable to the National Insurance Institute and the budget, and BGN187,000 due to employees, Puldin Air's trustee in bankruptcy Anna Ilieva told the BANKER weekly.Some of the creditors, including former managers of the company, are quite sceptical regarding the implementation of the parameters in its rehabilitation programme. They claim that the fixed flying hours cannot be fulfilled by Puldin Air, but by all the three agricultural avaiation companies, operating on the territory of Southeast Bulgaria. In a letter to the magistrates, the aviators claim that all figures have been highly exaggerated in order to impress the court and do not correspond to the economic situation in the country.The trustee in bankruptcy Anna Ilieva is also sceptical towards the rehabilitation. The agrochemical activities in the region were undertaken by private companies four or five years ago, she said. This is one of the reasons for Puldin Air's insolvency. Because of the lack of orders in the August 1998 - May 1999 period, the workers and employees of the company stopped working. Five flying hours have only been registered for that period, while the standard monthly norm of one pilot alone is 800 hours.

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