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Report: Heta creditor group willing to negotiate with Carinthia

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Report: Heta creditor group willing to negotiate with Carinthia

The Ad-Hoc group of Heta Asset Resolution AG creditors is willing to engagein discussions with the state of Carinthia to reach a settlement regarding thebuyback of , Reuters reported March31, citing Leo Plank, a lawyer representing the group.

Carinthia had offered to buy back bonds it had guaranteed ata discount, but less than two-thirds of bondholders accepted the offer. Carinthiahad offered to buy back Heta's bonds for 75% of their nominal value, plus alater sweetener offered by Austrian Finance Minister Hans Jörg Schelling.

Plank reportedly told ORF radio that the figure wasnegotiable but Carinthia's contribution had to be greater than its previouslyoffered €1.2 billion.

The governor of Carinthia said in the week of March 21 thathe favored negotiations over a legal battle to resolve the issue, but said increasingthe offer was not an option, Reuters noted.