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 start of the 21st century and a controversial privatisation, it declared bankruptcy in 2002. Bulgaria Air was appointed Balkan’s successor in 2002.
Source: Wikipedia