Austrian province confirms failure of bid to buy back "bad bank" bonds

March 14, 2016 10:51 AM

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VIENNA, March 14 The Austrian province of Carinthia has failed in its bid to avert the threat of insolvency by buying back bonds of "bad bank" Heta Asset Resolution for less than the face value it guaranteed, a financial body owned by Carinthia said.

The Carinthian Settlement Payment Fund (KAF) did not specify in its statement on Monday what volume of bonds creditors had agreed to sell, saying only that less than the two thirds required for the buyback to take effect had been offered.

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