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Sazka declared bankrupt

31st May 2011 10:30 am GMT

Prague’s Municipal Court has declared Czech lottery operator Sazka bankrupt after a delayed meeting with creditors held last Friday.

Sazka said in a statement yesterday that it will file an appeal against the court ruling, and said that the court proceedings “have shown defects that affected the decision of the Creditors’ meeting about the bankruptcy.”

The company has opposed any bankruptcy proceedings, claiming that the measures would destroy shareholders’ wealth. Instead it has been pushing for financing [...]

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