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Tipos withdraws its restructuring proposal from court

The management of Slovakia’s national lottery company, Tipos, decided to withdraw the restructuring proposal it submitted to Bratislava I District Court earlier this month, the TASR reported, based on information from Tipos spokesman Rastislav Čépe on May 18.

The management of Slovakia’s national lottery company, Tipos, decided to withdraw the restructuring proposal it submitted to Bratislava I District Court earlier this month, the TASR reported, based on information from Tipos spokesman Rastislav Čépe on May 18.

That decision came after the Constitutional Court on May 13 accepted a motion from Tipos in which the company claimed that its fundamental commercial law rights had been violated.

"Although Tipos has been found to be in a state of imminent bankruptcy, based on the recent facts and circumstances in place after the restructuring report has been worked out, there's no such threat anymore," explained Tipos general manager Miloš Ronec.

After receiving the proposal last week, the Constitutional Court postponed the execution of a Supreme Court verdict from November 30, 2010 that Tipos should pay more than €14 million to one of its creditors, a Cypriot-based company called Lemikon Limited, due to unauthorised use of a trademark.

Tipos had been seeking restructuring to gain protection from its creditors whose claims it says are bogus.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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