Sazka bankruptcy upheld by court; general meeting postponed to Aug. 22

By Caroline Salls

Pittsburgh, July 21 - Sazka, AS said the High Court has upheld its bankruptcy while halting the proceedings on a company appeal against the bankruptcy order and refusing an appeal filed by remaining creditors, according to a company news release.

Sazka said the court order means its insolvency administrator can continue his work uninterrupted, significantly strengthening the administrator's position and giving Sazka's business partners "far greater certainty."

In addition, the company said its general meeting has been postponed to Aug. 22. The meeting was postponed because of formal procedural matters related to registration.

According to a separate news release, Sazka's sales grew further in the 28th week. The company said it did not experience any sales decreased in connection with competition entering the market.

Specifically, Sazka said the sales of its most popular Sportka lottery increased 30.6%, and internet betting sales increased by more than 30%.

Instant ticket sales were also up 39.1%.

The company said it was facing a tough week, with big changes expected in connection with a board of directors and supervisory board meeting.

Sazka is a Czech Republic lottery company.

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