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PPF prepared to save Sazka
3/21/2011
PPF Group announces that it has taken over Radovan Vítek’s creditor position in relation to Sazka, a.s., the biggest betting office in the Czech Republic. PPF also confirms that it is coordinating its steps with other creditors, in particular the KKCG Group.
Based on objective economic indicators, Sazka, a.s. is now an “insolvent company”, which is unable to meet its liabilities. Despite this, PPF Group is prepared to participate in salvaging Sazka, a.s., its financial consolidation and its subsequent development including the support of Czech sports.
Subject to an agreement with other creditors, PPF is prepared together with KKCG to assume management over the company and immediately stabilise the standing of Sazka, a.s.