Czech Republic's Sazka gauges secured creditor interest in financing

By Caroline Salls

Pittsburgh, April 15 - Sazka, AS has asked bondholder security agent The Bank of New York Mellon, London whether the bondholders are interested in making an offer for the company's financing, according to a news release.

Sazka said it approached the security agent, as its largest creditor, in relation to an offer from a group of investors to provide a working capital facility.

Under the Czech insolvency law, Sazka said, the company's secured creditors have the preferential right to grant the financing, provided that they do not stipulate financing conditions worse than those offered by any third party.

In addition, the company said the executive committee of majority shareholder CSTV has asked Sazka's board of directors to hold an extraordinary general meeting for the withdrawal of Sazka board member Roman Jecminek.

Sazka's board said it will convene the meeting within the statutory time limit.

Sazka is a Czech Republic lottery company.

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