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Austrian province of Carinthia says Heta buyback offer successful
October 10, 2016 / 8:46 AM / a year ago

Austrian province of Carinthia says Heta buyback offer successful

VIENNA, Oct 10 (Reuters) - Creditors holding virtually all the outstanding bonds of failed lender Hypo Alpe Adria have accepted a debt buyback offer, a major step towards drawing a line under Austria’s worst postwar financial scandal, the province of Carinthia said on Monday.

Two years after “bad bank” Heta Asset Resolution was created to wind down Hypo’s assets, Austria hopes the hard-won deal will restore its credibility with foreign investors.

Holders of 99.55 percent of senior bonds and 89.42 percent of junior bonds accepted the offer, said Carinthia, which guaranteed the bonds and made the offer. (Reporting by Kirsti Knolle; editing by Francois Murphy)

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