Arca Capital Group is asking the court for permission to reorganize Arca Investments, its parent company

23. 12. 2020

PRAGUE - Arca Investments filed an insolvency petition at the Municipal Court in Prague. At the same time, it asked the court for permission to resolve its situation by the reorganization. It will provide creditors with at least a 50% return on their claims, significantly more than a possible bankruptcy. Arca Capital Group got into trouble due to the COVID-19 pandemic and related business restrictions. The reorganization is also supported by Blantyre Capital.

"The current pandemic and the associated restrictions have significantly slowed down some of our projects and, from day to day, have entirely paralyzed a number of our previously prosperous companies. In a very short time, due to circumstances that we could not influence in any way, we got into a situation that can only be resolved by reorganization," explains the procedure of the Arca Capital Group and its majority shareholder Rastislav Velič. “The reorganization is the best solution, especially for our unsecured creditors. They will get back at least half of the value of their receivables. I believe that it will be even more in the end," he adds.

If the reorganization is approved, Arca Investments will have 120 days to submit a reorganization plan. It will be prepared in cooperation with TARPAN Partners consultants and BADOKH, the leading Czech law firm. "Above all, the reorganization plan will ensure the highest possible satisfaction of our creditors. At the same time, however, it will lead to the emergence of a new, certainly smaller, but all the healthier and faster-growing company," Velič explains. The reorganization of Arca Investments is also supported by Blantyre Capital.

Arca Investments has filed for insolvency in the Czech Republic. It is the place of the company´s  main interests, which is decisive for determining the court to conduct insolvency proceedings.

 

Basic facts about insolvency proceedings:

  • Total amount of liabilities: CZK 18.6 billion
    • Out of which liabilities frompromissory notes: More than 80%, i.e. more than CZK 15.5 billion.
    • Of which creditors from bills of exchange in the Czech Republic: More than 80%, ie. more than CZK 13 billion
  • Total number of creditors: 1889
    •  Of which in the Czech Republic: More than 80 %
  • Total number of secured creditors: 1 (J&T Bank)

 

Autor: Arca Capital,
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