December 17 (SeeNews) - The Sofia city court declared on Monday local telecommunications operator Max Telecom insolvent in a case instituted at the request of local M Sat Cable [BUL:MCJ1] over a 116.2 million levs ($67.3 million/59.4 million euro) debt, documents filed with the commercial register showed.
In January 2017 the two companies reached an agreement that Max Telecom would repay its outstanding liabilities to M Sat Cable, which totalled 67.6 million levs at the time, in two installments over the next two months, data from the court ruling showed.
However, Max Telecom failed to make the two payments and subsequently accumulated further debt, according to the court.
The court also considered a claim by Nokia Solutions and Networks and confirmed that Max Telecom has an unpaid debt to the company amounting to 2.3 million levs, dating from 2016.
Max Telecom is owned by private investor Daniel Kupsin and local company MT Management. MT Management is a wholly-owned unit of Luxembourg-registered Luxtech Capital.
(1 euro = 1.95583 levs)