Trustees nominated for grounded Balkan

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A Bulgarian court has nominated two provisional trustees to supervise the operations of grounded flag carrier Balkan Bulgarian Airlines.

The two lawyers were appointed as a result of the legal action initiated by one of Balkan's main creditors, Bulgarian insurance company Bulstrad, which claims that Balkan owes it $500,000. The two provisional trustees are not a substitute for the management, but can veto its decisions.

Balkan has been grounded since majority shareholder Israel's Zeevi group said it would not put more money in until the government fulfills its obligations. The trustees will supervise Balkan until a further court decision, which is expected no earlier than 6 March.