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Sazka finally files for insolvency

28th March 2011 9:20 am GMT

Following months of uncertainty regarding the company’s financial position, Czech lottery and gaming operator Sazka filed for insolvency Friday at Prague Municipal Court.

The 55 year old company is the Czech Republic’s largest lottery operator and a major source of funding for social causes.

The company said in a statement Friday that its board of directors were considering the court ruling, which appointed Josef Cupka to serve as preliminary insolvency administrator and also established a creditors committee.

The [...]

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