A group of creditors representing claims of more than 2.5 billion euros ($2.9 billion) against Austrian Austria's parliament is expecting to pass a bill today to implement a settlement with Bavaria, the former owner of Hype Alpe Adria, by paying €1.23bn ($1.4bn), or 45% of Bavaria's claims, as well as paving the way for federal loans to help Hypo Alpe Adria's home province of Carinthia pay investors, by buying back debt. The deal will be approved in parliament, which has been debating it since last week.
Austria's parliament is expecting to pass a bill today to implement a settlement with Bavaria, the former owner of Hype Alpe Adria, by paying €1.23bn ($1.4bn), or 45% of Bavaria's claims, as well as paving the way for federal loans to help Hypo Alpe Adria's home province of Carinthia pay investors, by buying back debt. The deal will be approved in parliament, which has been debating it since last week.