Karatsi (Losers) by Ivaylo Hristov has been selected by the Bulgarian National Film Center as the country's submission in the best foreign-language category of the Academy Awards, The Hollywood Reporter reveals.

The comedy/drama is centered on a group of high-school students and best friends who live in a small town and consider themselves to be "losers." Their lives are shaken by a concert by a famous rock band.

Last year, Losers won the Golden George, the main award, at the Moscow International Film Festival. The movie went on to take part in a number of international festivals and won the audience award at the Sofia International Film Festival.

Losers was produced by ProFilm and Moviemento with support from the Bulgarian National Film Center. It was released in Bulgaria on April 1.

A Bulgarian film has never been nominated for a foreign-language Oscar.