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Sazka declared insolvent

A meeting for creditors of the troubled Czech lottery firm has been set for 26 May.

Wednesday 30th March 2011



Czech lottery operator Sazka SA has been declared insolvent after a hearing at Prague’s Municipal Court yesterday. The court has set a meeting for the firm’s main creditors for 26 May and now has three months to approve a restructuring plan or sell off Sazka’s assets. Creditors have been given 30 days to stake their claims. Sazka ran into financial trouble after constructing a 17,000-seat arena for the 2004 Men's Ice Hockey Championships and currently is in the red to the tune of $606 million, the majority consisting of bonds. Sazka described the move as “a logical step” and despite the ruling said it is still taking bets and paying out prizes.




Source: OnlineCasinoNews

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