Mediafax (Mediafax)
Czech markets  |  June 25, 2011 09:14:42

Lenders decide the fate of indebted BESTSPORT


Mediafax

PRAGUE (MEDIAFAX) - The Municipal Court in Prague on Tuesday 28 meet in June to the first meeting of creditors operator O2 arena, BESTSPORT, the program is the way the bankruptcy of the company. This follows from the internet version of the Insolvency Register.

The court first held a review of claims, the creditors' meeting will follow thereafter. The program is eight points, including an insolvency administrator to report its current activities and economic situation of the debtor, the creditors' choice of institution or the creditors vote on how to resolve the debtor's bankruptcy.

Creditors send either company into bankruptcy, or support its reorganization.The proposal to permit the reorganization of the court brought together management and the creditor company KKCG Structured Finance Limited and PPF Healthcare.

Bestsport is owned by Green Island Civic Association, which has the same owner as a bet, a sports associations. In insolvency proceedings from 31 March, when the proposal was lodged by itself. The reason his administration is the situation around indebted sister bets are guarantors for Bestsport and is also its largest creditor in connection with the financing costs for the construction of the O2 arena.

The decline sent Bestsport Municipal Court in Prague 3 of May. Insolvency Administrator Daniel Urbanova recognized a total of 62 claims against 18.55 billion crowns.The largest creditor of the company is a bet (7.16 billion), Green Island Civic Association (5.26 billion) and bondholders Agent The Bank of New York Mellon (5.16 billion dollars). KKCG BESTSPORT has a claim for 222.8 million crowns, PPF for 53.5 million crowns.

Libor Popel, popela@mediafax.cz

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