RIGA -- The European Commission has approved the plan to restructure Parex Bank, which was bought out by the Latvian government in 2008 for the symbolic sum of one lat.
"The final plan is a well-balanced package that limits the distortions of competition, ensures an adequate contribution of the shareholders and holders of subordinated debt to the restructuring costs and enables the emergence of a new, viable bank," EU Competition Commissioner Joaquin Almunia said in a statement.
The new structuring of the bank is expected to again become profitible next year.
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