Balkan Airlines (Bulgarian: Балкан) was Bulgaria's government-owned flag carrier between 1947 and 2002. During the 1970s, the airline became a significant European carrier. The company encountered financial instability following the fall of communism in Central and Eastern Europe. Despite managing to continue operations, following the start of the 21st century and a controversial privatisation, it declared bankruptcy in 2002. Balkan was liquidated in late October 2002. Bulgaria Air was appointed Balkan's successor in December 2002.