Heta Wins Time as Austria Stalls German Bondholder Cases
- Frankfurt court cancels ruling, schedules new hearing June 9
- Austria's FMA asks to halt cases or send it to European court
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Bad bank Heta Asset Resolution AG won a reprieve as a Frankfurt court canceled the planned final ruling in a case seeking bond repayment after Austria’s financial watchdog stalled the case.
Presiding Judge Stefanie Klinger, who was due to announce the court’s ruling on Friday in a suit brought by German bad bank FMS Wertmanagement AoeR, instead scheduled a new hearing for June 9. Austria’s FMA watchdog, which oversees Heta’s wind-down, requested to stay the case and 10 similar ones demanding 2.3 billion euros ($2.6 billion) in total, citing European Union bank resolution rules.