Czech Sazka Sale Gets Green Light From Court
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A Czech court gave the go-ahead on Wednesday to the planned sale of national lottery firm Sazka in a tender, court documents showed. The ruling means the receiver at Sazka, which was put into insolvency in March, can start the tender within days, Reuters reported. The receiver, Josef Cupka, told reporters on Wednesday that price would be the only criterion in the tender. The sale will be open to anyone who places a 500 million crowns ($29.6 million) deposit. The two main parties holding a large part of Sazka's debt are oil group KKCG and private investment firm PPF, owned by Petr Kellner, the richest Czech who also has a stake in Generali. PPF and KKCG said they were interested in jointly buying Sazka. Their main rival is another Sazka creditor, private equity group Penta Investments, which holds a stake in betting firm Fortuna, Sazka's competitor. The bankruptcy receiver has recognised debts worth around 10 billion crowns, but there may be further adjustments. Read more.