September 28, 2016 / 8:22 AM / 3 years ago

FMS Wertmanagement says to accept buyback offer for Heta bonds

VIENNA, Sept 28 (Reuters) - Germany’s FMS Wertmanagement said on Wednesday it will accept the Austrian province of Carinthia’s buyback offer for bonds of “bad bank” Heta Asset Resolution.

An FMS lawsuit seeking full repayment of Heta bonds, which was referred to the European Court of Justice in June, has been seen as a potential obstacle to the buyback in that it could trigger Heta’s insolvency.

“FMS’s management board decided to accept the buyback and exchange offer at yesterday’s meeting,” said a spokesman, referring to an option creditors have to reinvest the proceeds of the buyback offer in a long-term bond. (Reporting by Kirsti Knolle; editing by Francois Murphy)

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