The Sofia city court has declared telecoms operator Max Telecom insolvent, after local company M Sat Cable filed a lawsuit against the operator over BGN116.2 million (USD67.3 million) of debt, SeeNews writes. In January 2017 the two companies reached an agreement that Max Telecom would repay its outstanding liabilities to M Sat Cable, which totalled BGN67.6 million at the time, in two instalments over the next two months. However, Max Telecom failed to make the two payments and subsequently accumulated further debt. The court also considered a claim by Nokia that Max Telecom has an unpaid liability to the company amounting to BGN2.3 million, dating back to 2016.
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