The second attempt by the state lottery company, Tipos, to obtain protection against creditors via restructuring has been approved by the Bratislava I District Court which initially authorised court-supervised restructuring, the SITA newswire reported. The decision takes effect on May 13, a day after its publication in the Commercial Bulletin.
Tipos will have temporary protection from creditors while the court decides on restructuring within a 30-day period after reviewing the conclusions of an expert restructuring administrator. If that transpires, the court will confirm an administrator in this position and will release its decision in the Commercial Bulletin. Additional steps in the restructuring will follow only after this process is officially announced.
If a creditors' committee is not elected or if conditions for further steps in restructuring are not fulfilled, the trustee must file for bankruptcy so the consent of creditors on restructuring is of paramount importance, SITA wrote.
Tipos had previously filed for approval to undergo restructuring but it was denied because of procedural errors. Court spokesperson Pavol Adamčiak told SITA that the court found that the recent proposal for restructuring included all legal essentials. Tipos has not commented on the court decision but Tipos spokesperson Rastislav Čépe stated that the company acknowledged it.
The company’s representatives have frankly admitted that it needs protection against creditors due to a legal dispute with a Cypriot company, Lemikon Limited, which won damages in court for Tipos having used the know-how of the Czech Športka company, whose legal rights in the case were purchased by Lemikon several years ago.
To read more about the case, please go to Lottery saga continues
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
12. May 2011 at 14:00