At their meeting, creditors of Arca Capital Slovakia elected a five-member Creditors’ Committee, taking another step towards successful restructuring of the company and the entire Arca Group. Convening immediately after its appointment, the Creditors’ Committee extended the deadline for the preparation of a restructuring plan. Arca Capital Slovakia is expected to present the plan by 10 September 2021.
“The creditors have selected their representatives who will act on their behalf throughout the restructuring process and will be the first to approve Arca Capital Slovakia’s restructuring plan,” explains Peter Janiga, Chief Restructuring Officer (CRO), Arca Group.
The five elected members of the Creditors’ Committee include: i) Slovenská sporiteľňa, a.s.; ii) Asset Management Slovenskej sporiteľne, správ. spol., a.s.; iii) Privatbanka, a.s.; iv) Vladimír Kozový; and v) Ľudovít Olejár.
The Creditors’ Committee is the first to approve a restructuring plan that is being drafted by Arca Capital Slovakia. Only after such approval can the plan be accepted by the creditors themselves.
A Restructuring Assessment provides an overview of the parameters of Arca Capital Slovakia restructuring. The assessment compares the restructuring with a bankruptcy as an alternative solution.
“A Restructuring Assessment has proved that restructuring will be the best possible solution to the current situation of Arca Capital Slovakia. Restructuring will satisfy creditors’ claims to a greater degree and faster than a bankruptcy,” explains Petr Smutný, a PwC partner and an advisor to Arca. “Obviously, restructuring is incomparably more favorable not only for the creditors, but also for the company, the entire Arca Group, and its employees.”