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Linz Believes in Victory Over BAWAG

Published: November 2, 2011; 20:00 · (Vindobona)

The capital of the province of Upper Austria filed a lawsuit against Bawag, which is held by the U.S. investment funds Cerberus.

Linz Believes in Victory Over BAWAG / Picture: © BAWAG

In 2007, Linz agreed to conclude a swap with Bawag. The swap was based on Swiss Francs and had an initial volume of € 152m. Due to the strong rise in Swiss Francs, the debt rose up to € 600m and more. Bawag now claims € 417m from the municipality Linz. The value in litigation is € 25.2m.

According to the mayor of Linz, Franz Dobusch, every legal limitation has been…

This article includes a total of 160 words.

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