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Court blocks proposed restructuring of Tipos

The Bratislava I District Court on Wednesday, April 13, rejected a restructuring proposal by state-owned lottery company Tipos intended to protect it from its creditors. The verdict, which cannot be appealed, was published on April 20 in the Business Journal. It becomes effective one day after publication, i.e. tomorrow.

The Bratislava I District Court on Wednesday, April 13, rejected a restructuring proposal by state-owned lottery company Tipos intended to protect it from its creditors. The verdict, which cannot be appealed, was published on April 20 in the Business Journal. It becomes effective one day after publication, i.e. tomorrow.

Tipos can, however, file another proposal. First reports suggested that the court had ruled in favour of Tipos, but court spokesperson Pavol Adamčiak confirmed that the ruling had been against restructuring, the TASR newswire reported.

Tipos spokesman Rastislav Čépe said that the company’s lawyer was studying the arguments of the district court, which had not at the time been published in the Business Journal. “We will comment on future decisions later,” he concluded.

The ruling could mean that Tipos loses tens of millions of euros to Cyprus-based Lemikon Limited, which claims that Tipos used the know-how of Czech lottery company Sportka illegally. Sportka earlier sold its legal claim to Lemikon Limited. The court in November 2010 decided that Lemikon’s claims were justified and that Tipos must pay it €14.122 million. At the end of March, Tipos filed an application for restructuring.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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