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SOFIAIt is quite possible that mass bankruptcies in our sector begin, Svetoslav Stanulov, President of Bulgarian Airlines Association warned in an interview. 

The state subsidizes 20-30% of the reduced revenues of the airlines, but after spending all financial reserves the branch needs state financial grants to survive, Mr. Stanulov contends.

Revenues from scheduled flights fell by about 65%. 90% decline was registered in the charter flight segment. There have been no charter flights in the last five months, and companies are not able to cover their fixed costs. The Bulgarian aviation sector employs about 4,500 people, but there have been few layoffs because the staff employed in this sector is highly qualified, Svetoslav Stanulov explained.

Fitch Ratings today said (Dec. 10) that it expects operating conditions to relatively improve for the global airline sector in 2021, but it also expects more airline bankruptcies.#
Via (Radio Bulgaria)
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