Arca tries to sell new debt
Peter Krištofovič, owner of 30% in Arca Capital, is issuing €17m bonds for retail clientele via his company Salve funding SK. He claims the bonds will fund real estate projects of his Salve group and won’t be used to repay debts of Arca. Arca Investment as well as staffing agency Edymax, owned by Arca, have requested and been given bankruptcy protection. Arca has financed its massive expansion via debts, and during the pandemic it has been unable to repay €25-30m bonds. Other bonds worth €25.5m were due on August 12, and recently, a €41m loan from Poštová banka was due. Normally, it would take on new debt to repay the old, but its sources of financing dried up recently. Media speculate Arca is in talks on a lifeline with J&T.