Sakza declared bankrupt

An insolvency court has approved the declaration of bankruptcy on the troubled lottery firm Sazka, as proposed at Friday’s meeting of the company’s creditors. The decision came after the court heard claims lodged against Sazka worth of around 41.1 billion crowns, or nearly 2.4 billion US dollars. Sazka’s biggest creditors, the financial groups PPF and KKCG, said they would like the firm to continue its lottery and betting business on condition the company’s current management including CEO Aleš Hušák is replaced. The country’s oldest and largest lottery operator got into problems over a construction of a multi-billion sports arena in Prague. In March, it was declared insolvent..

Author: Jan Richter