The Bulgarian TV channels TV7 and BBT have filed for bankruptcy with the Sofia City Court, in accordance with the country’s Commercial Act.

Novinite reports that No Frame Media, a company connected to the journalist-turned-politician Nikolai Barekov, late last month (June) asked the court to declare the channels insolvent on account of them owing Barekov a large sum of money.

The channels, which operate under the brand name News7, have in a statement conceded that they have delayed payments due to their assets being placed under the special supervision of the Commercial Corporate Bank (KTB).

They added that they expect the court procedures to take three months, during which they will continue to operate their services as usual.