Austrian Finance Minister Hans Jörg Schelling said Oct. 4that approximately 75% of senior creditors and 50% of junior creditors inHeta Asset ResolutionAG have accepted a discounted buyback offer for €11 billion indebt issued by the former Hypo Alpe-Adria-Bank International prior to the Oct.7 deadline for acceptances, Bloomberg News reported the same day.

Under the terms of the buyback offer, senior bondholders are expected to recoup90% of their bonds' face value and junior bondholders to fetch 45%. Approvalfrom two-thirds, including at least 25% of each of senior and junior creditors,is needed for the offer.

"We're getting additional deliveries every day and Iexpect some bigger ones by the end of the period on Friday, so that we'll beable to exceed the quorums," Schelling reportedly said. The Austrianprovince of Carinthia will contribute €1.2 billion to fund the buyback, Bloombergsaid.