Austrian government faces creditor resistance in first test of BRRD

Austria’s Financial Market Authority (FMA) has announced plans to impose a 54 per cent haircut on creditors of the Austrian "bad bank" Heta Asset Resolution, in what is the first restructure under the EU’s Banking Recovery and Resolution Directive (BRRD) – but Heta’s creditors have declared their intention to resist the proposal.

Get unlimited access to all Global Restructuring Review content