Czech Republic's Sazka makes €4 million principal payment on bonds

By Caroline Salls

Pittsburgh, Feb. 22 - Sazka AS has repaid €4 million principal amount of its bonds as one of the steps in its strategic partnership with E-Invest and Penta, according to a company news release.

In addition, the company said the Municipal Court in Prague rejected most of the proposals submitted by KKCG Structured Finance Ltd., including a proposal to name a preliminary bondholders' committee.

The court also retained Sazka's right to dispose of its property and carry out all of its financial transactions under the Insolvency Act, the release said.

The company said it firmly believes that a preliminary administrator will confirm that all of Sazka's operations are in accordance with the law.

Sazka is a Czech Republic lottery company.

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