Balkan Airlines was Bulgaria's government-owned flag carrier between 1947 and 2002. During the 1970s the airliner became a significant European carrier. The company encountered financial instability following the fall of communism in Eastern Europe. Despite managing to continue operations, following the turn of the millennium and a controversial privatisation it declared bankruptcy in 2002. A newly formed successor, Bulgaria Air, became the Bulgarian flag carrier in 2003.

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