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Ukio Bankas bankruptcy administrator closes Hearts sales deal
BC, Vilnius, 10.05.2014.
Print version
Print versionUkio Bankas bankruptcy administrator and Scottish company BIDCO signed the sales contract of Scottish football club Hearts and its managing company Heart of Midlothian Plc, informs LETA/ELTA.
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Under this contract Ukio Bankas retrieved GBP 2.075 million (EUR 2.5 million) and waived its rights to property of the Scottish football club Hearts, including pledging shares of the company which owns the club.
Ukio Bankas has a pledge over 29.9% of the club's shares. The controlling interest is owned by Ukio Bankas Investment Group (UBIG) which is also undergoing bankruptcy procedures. UBIG creditors have approved a deal with Bidco on 7 April.
Heart of Midlothian Plc owned Ukio Bankas LTL 61.6 million (EUR 17.8 million).
Kaunas Regional Court opened insolvency proceedings of Ukio Bankas in 2 April 2013. The ruling came into force on 7 June.
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