A meeting of Arca Capital Slovakia, a.s.’s creditors took place on November 23, 2021, where a majority expressed their trust and voted to approve the company’s restructuring plan.
Creditors controlling more than 96% of valid votes took part in the meeting.
The reason for the assembly was so creditors could vote on the restructuring plan approved by the Creditors' Committee on October 27, 2021. The creditors were separated into 23 groups, where three groups (represented by a single creditor: Prima banka Slovensko, a.s.) abstained from voting and in only one group the restructuring plan was not approved by the required majority because the creditors with an absolute majority of votes in the group did not vote for its approval. However, the restructuring plan received nearly 68% of votes from all creditors present in the final count.
In the only dissenting group, the plan was not supported almost exclusively by creditors represented by law firm FARDOUS PARTNERS s.r.o. Arca Capital Slovakia, a.s. does not want to speculate about this law firm’s interests, but it is very unusual that it threatened the restructuring of Arca Capital Slovakia. a.s., in which its clients, as unsecured creditors, were offered almost 73% satisfaction of their claims and seemingly, this law firm prefers bankruptcy and satisfaction at the 20%-22% level.
In the coming days, Arca Capital Slovakia, a.s will file a request with the relevant court to confirm the restructuring plan that will include a proposal to replace the consent of the four groups that did not support the restructuring plan. All legal requirements are met to receive a positive court ruling to replace this consent and to confirm the restructuring plan.
Arca Capital Slovakia, a.s. would like to thank all its creditors that expressed their trust and voted to approve the restructuring plan. The company also assures its creditors that it will take the steps necessary to win confirmation of the restructuring plan by the court and then successfully restructure the company in a process that expects to satisfy nearly 73% of claims lodged by unsecured creditors.