July 20, 2017 / 9:43 AM / a month ago

Austria's "bad bank" Heta says started bondholder payout

VIENNA, July 20 (Reuters) - Austria's Heta Asset Resolution said on Thursday it started to pay out 5.8 billion euros ($6.7 billion) to bondholders.

Heta is the "bad bank" of failed lender Hypo Alpe Adria, which was nationalised by Austria in 2009 after a headlong expansion into the Balkans, financed by its home province of Carinthia, pushed it to the brink of bankruptcy.

In October, Heta creditors, holding bonds with an original face value of 11 billion euros, accepted a Carinthian buyback offer. ($1 = 0.8695 euros) (Reporting by Kirsti Knolle; Editing by Shadia Nasralla)

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