Czech court puts lottery Sazka into insolvency
The move was expected after the debt-laden company's CEO Ales Husak filed for insolvency late on Friday, the latest step in a months-long battle for control of the national lottery operator.
Sazka, owned by Czech sports unions, had 10.5 billion crowns (US$ 604.1 million) in debt as of September 2010.
Earlier this month, financial group PPF had taken over debt owed by Sazka from its largest creditor and planned to coordinate steps with other creditors, namely Czech investment group KKCG.
Sazka had delayed part of a payment on its 2021 amortising bond CZ025854705= in January and lost its rating from Standard and Poor's. It made the payment later.
The company got into debt after building a 17,000-seat arena for the 2004 ice hockey World Championship.
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