Bankruptcy

Nearly 1,500 applications to settle debts to Greece's power utility have been filed daily since October 1, which is when the new debt installments plan went live online and also became available by telephone, sources in Public Power Corporation (PPC) reported on Monday.
The new repayment plan includes more installments and lower initial installment rates.

State debtors' keen interest in the debt settlement program in which payments can be made in up to 120 tranches has resulted in a massive drop in confiscations, official data showed on Thursday.

Astral Holidays, one of the largest tour operators in Bulgaria, has announced that it is starting bankruptcy proceedings. This was reported by the agency on its official website.

The company is the Bulgarian partner of the failed British tourist operator Thomas Cook.

The Agency assures that it has taken all measures to protect its clients.

About half a billion euros have been lost to Greek tourism by the bankruptcy of British tourism company Thomas Cook, Kathimerini reports, citing an interview with Greek Tourism Minister.

He announced new measures by the government to soften the effects on the industry, according to BGNES.

The US-based apparel company Forever 21 which was founded in 1984, filed for bankruptcy. The fashion brand, which has stores in Bulgaria, however, does not intend to completely withdraw from the market, but rather to use this move as a way to clear its business from non-working assets, in particular, from non-profit shops.

The Greek tourism lost аbout half a billion euros from the bankruptcy of the British tourism company Thomas Cook, Kathimerini reports, citing an interview with Greek Tourism Minister Haris Theoharis at ANA-MPA.

He announced new measures by the government to mitigate the effects on the industry.

The consequences arising from the collapse of British tour operator Thomas Cook cannot be easily tackled. However, the clock is ticking and the insecurity felt by the Greek tourism industry - both for businesses and employees - is deepening.

Greece's creditors appear to be close to an agreement with the government for the doubling of the number of installments in the standard mechanism for the repayment of tax dues with a minimum monthly amount of 15 euros.
However, inclusion in the scheme will not be at all easy, while the number of tranches granted will depend on income criteria.

Greece is expected to show the biggest decline in corporate bankruptcies this year among 22 countries, mostly European, monitored in this respect by credit insurance company Atradius.

The state's debts to companies and individuals have remained relatively stable since the end of 2018, despite warnings from the country's creditors.
State debts are around 2.2 billion euros and it now appears that state suppliers will not be paid off by the end of the year, as the current government has promised.