The court allowed payments to creditors of Sberbank CZ for $2.5 billion – Kommersant

The City Court of Prague allowed payments to creditors of Sberbank CZ (a subsidiary of Sberbank in the Czech Republic) in the amount of 57 billion crowns (about $2.5 billion), the portal reports The court decision affects more than 16 thousand creditors of Sberbank CZ. Over the next two months, they will be able to receive 95% of their funds.

On February 25, 2022, Sberbank suspended the work of branches in the Czech Republic due to a sharp outflow of deposits, attacks on employees and aggressiveness of clients after the start of the military operation in Ukraine. In August of the same year, a Prague court declared bankruptcy of Sberbank CZ. The loan portfolio of Sberbank CZ was sold to Ceska sporitelna bank for $1.7 billion, which made it possible to obtain most of the funds to cover the debt obligations of the Sberbank subsidiary.

Arbitration manager of Sberbank CZ Irzhina Luzhova said that payment of funds to creditors should begin before the Christmas holidays. The bank’s total debt is about 60 billion crowns ($2.62 billion).

Laura Keffer

Be the first to read breaking news on Today’s latest news, and live news updates, read the most reliable English news website

Leave a Reply