February 24, 2014 / 7:42 AM / 4 years ago

Verbund sees no financial risk from Sorgenia-paper

VIENNA, Feb 24 (Reuters) - Austria’s Verbund sees no financial risk from its 46 percent stake in Italy’s Sorgenia, Verbund Chairman Gilbert Frizberg told the Wirtschaftsblatt newspaper.

“There is no obligation to inject more capital, not even in the case of a Sorgenia insolvency,” he said in remarks reported on Monday.

Verbund this month rejected a call for funds from Sorgenia, the loss-making energy company controlled by CIR that is trying to negotiate freezing repayments on debt.

Sorgenia has financial debt of almost 1.9 billion euros ($2.6 billion) along with a further 304 million euros in debt.

Verbund has written down its stake to zero.

$1 = 0.7275 euros Reporting by Michael Shields. Editing by Jane Merriman

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