Bulgarian telecoms operator Max Telecom (known simply as Max) is reportedly experiencing financial troubles, with the company said to be facing a closure by 31 March due to financial insolvency, Nixanbal writes. According to unconfirmed reports, the service provider – which has been on the lookout for a strategic investor since February 2014 – has substantially reduced its workforce and has closed down all of its own shops, with a number of subscribers complaining of issues with the 4G LTE network. Meanwhile, rival Vivacom is said to be looking into acquiring the infrastructure of Max via a merger agreement, though any ongoing discussions between the duo are yet to be confirmed by either side.
According to TeleGeography’s GlobalComms Database, in May 2014 Max launched the nation’s first commercial 4G LTE network, supporting maximum theoretical down/uplink speeds of 75Mbps/25Mbps, in Sofia, Ruse, Stara Zagora, Sliven and Bansko. Max embarked on a search for a new investor in February 2014, with a number of options said to be on the cards, including the possible sale of a non-controlling stake in the company, or the admission of new shareholders through an initial public offering (IPO) process. In December 2016 Max appointed a new CEO, with the main responsibility of the new executive outlined as ‘to adapt the company to upcoming changes in its investment plans.’