Creditors want Heta bond buyback at above 90 pct

April 12, 2016 8:58 AM

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VIENNA, April 12 Any new buyback deal for bonds of Austrian "bad bank" Heta worth around 11 billion euros ($12.6 billion), the bulk of which held by German groups, must see creditors being paid at least 90 percent of the bonds' face value, creditors said on Tuesday.

"There is no point in negotiating about anything under 90 percent. A settlement based on 90 percent would not work because you would probably not get a majority at that level," said Urs Faehndrich of the Teutonia creditor group representing around 250 million euros in Heta bonds.

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