Austria's 'bad bank' Heta says started bondholder payout

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July 20, 2017 5:52 AM EDT

The logo of the collapsed Austrian bank Hypo Alpe Adria is seen in Klagenfurt, Austria, March 3, 2015. REUTERS/Heinz-Peter Bader/File Photo

VIENNA (Reuters) - Austria's Heta Asset Resolution [HAABI.UL] said on Thursday it started to pay out 5.8 billion euros ($6.7 billion) to bondholders.

Heta is the "bad bank" of failed lender Hypo Alpe Adria, which was nationalized by Austria in 2009 after a headlong expansion into the Balkans, financed by its home province of Carinthia, pushed it to the brink of bankruptcy.

In October, Heta creditors, holding bonds with an original face value of 11 billion euros, accepted a Carinthian buyback offer.

(Reporting by Kirsti Knolle; Editing by Shadia Nasralla)


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