Банкеръ Weekly



Еarlier this week the Sofia City Court postponed for December 17 the cases initiated by Gad Zeevi's subsidiary companies - ZBI and Balkan Airlines Holding, against Balkan. The two companies claim they have lent BGN49.5 to the air company and insist on being recognised as its creditors. In the end of 2001, by request of the Union of Pilots Zeevi's companies were removed from the list of creditors. The lawyer of ZBI and Balkan Airlines Holding called the union as defendant in the trial, but according to the court, the professional pilots organisation is a creditor and the air company is the one to respond.This is the second time since the beginning of the year that the case is postponed. The first time Mr. Zeevi's lawyers asked for the appointment of an expert who would prove that his companies did launch the above mentioned BGN49.5MN. Balkan's recognised liabilities to creditors amount to BGN180MN, while its assets are worth BGN110MN.The trial, initiated by Gad Zeevi in the Paris Arbitration Court against the Privatisation Agency is based on claims for unpaid debts and is still pending. The Israeli businessman who has not yet paid the required legal fees amounting to USD600,000 wants the Bulgarian side to pay USD220MN in defaults.

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