SLOVAK LOTTO GRANTED STAY FROM CREDITORS

Written On  5/13/11 By Recentpoker.com staff writer Frank Polliern :

Cash strapped lotto in second attempt to obtain protection
 
Tipos, the Slovakian National Lottery company, has been granted temporary protection from its creditors from a Bratislava I District Court.
 
The company is involved in a legal dispute with a Cypriot company, Lemikon Limited, who won a suit filed against Tipos for using the "know-how" of the Czech Športka company.
 
The court has ordered temporary protection to Tipos for 30 days while it mulls over a restructuring programme provided by an experienced restructuring administrator.
 
Should the court approve the restructuring proposal, an administrator will be appointed otherwise the company will be forced to file for bankruptcy.
 
A previous attempt at filing for approval to undergo restructuring was denied by the court because of procedural errors.