BUSINESS

Prague Municipal Court upholds Sazka sale

TAGs: Sazka

sazkaWhen fears that a legal challenge may be launched against the action of Sazka’s bankruptcy lawyer, it forced the hand of Sazka creditor Česká spořitelna to ask that the tender be annulled and a new process be started.

Today the Prague Municipal Court put to rest any fears that this process would drag on any further by dismissing the motion of the Česká spořitelna to annul the tender for the sale of Sazka. Additionally, the Court ruling allowed Sazka to move forward by not allowing or accommodating any of the requests for modifications to the tender conditions.

At the same time, the Court in its ruling effectively closed the chapter on the Sazka saga for now, as a court ruling agreed that the insolvency administrator Josef Cupka sells the company Sazka by a single contract to the company Sázková kancelář, which was the winner of the tender announced on 17 August 2011 by the administrator.

Sázková kancelář, a.s. offered the highest purchase price – CZK 3 810 000 000. The company now has five months to obtain the consent of the Office for the Protection of Competition.

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