Austria Tells Heta Bondholders to Be Rational and Accept LossesBy and
Creditors face losses on 11 billion euros of state bank debt
Bond offer higher than expected, Austria says won't sweeten it
Austria told creditors of bad bank Heta Asset Resolution AG they should be “rational” and accept the “excellent offer” to take about 3.2 billion euros ($3.5 billion) of losses rather than gamble on the insolvency of the southern Carinthia province. Creditors were unimpressed.
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