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Court approves halt in Tipos restructuring

The restructuring application submitted by national lottery company Tipos has been stopped by the Bratislava I District Court after the court accepted a proposal by the company to withdraw the restructuring request, the TASR newswire reported. The company withdrew its application after the Constitutional Court on May 13 accepted a complaint from Tipos in which the company claimed that its fundamental commercial legal rights had been violated. "Although Tipos was found to be in a state of imminent bankruptcy, recent facts and circumstances in place after the restructuring report was worked out indicate that there's no such threat anymore," said Tipos general manager Miloš Ronec last week.

The restructuring application submitted by national lottery company Tipos has been stopped by the Bratislava I District Court after the court accepted a proposal by the company to withdraw the restructuring request, the TASR newswire reported.

The company withdrew its application after the Constitutional Court on May 13 accepted a complaint from Tipos in which the company claimed that its fundamental commercial legal rights had been violated.

"Although Tipos was found to be in a state of imminent bankruptcy, recent facts and circumstances in place after the restructuring report was worked out indicate that there's no such threat anymore," said Tipos general manager Miloš Ronec last week.

After receiving the restructuring proposal two weeks ago, the Constitutional Court also postponed the execution of a Supreme Court verdict from November 30, 2010 that required Tipos to pay more than €14 million to one of its creditors, a Cypriot-based company called Lemikon Limited, for the unauthorised use of trademarks and know-how.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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