Update: Czech Lottery Insolvency Confirmed

Sazka had 10.5 billion crowns ($604.1 million) in debt as of September 2010

Last week a report came from the Czech Republic that its lottery operator Sazka applied for insolvency, which was this week approved by a Czech district court. It was also announced that the lottery's main creditors will meet on May 26.

The Czech sports unions-owned company allegedly had 10.5 billion crowns ($604.1 million) in debt as of September 2010, and one of its investors, financial group PPF, previously took over debt from Sazka's largest creditor, with an aim to coordinate steps with other creditors.

In addition to all this, at the beginning of the year, Sazka also delayed part of a payment on its 2021 amortizing bond, paying it later, but nevertheless losing its Standard and Poor's rating.

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