Arca Capital defaulted on €25.5m bonds
Highly indebted Arca Capital defaulted on €25.5m bonds maturing on August 12. It admits it is late with their repayment and invited investors for a meeting to discuss options. By June it had already defaulted on €25-30m bills. Also in June, its €41m loan from Poštová banka was due and neither party would comment on its repayment. Arca’s sources of financing dried up during the pandemic. Arca Investment and its staffing agency, Edymax, requested bankruptcy protection in July. Talks with J&T on a lifeline have allegedly failed.
Slovaks invested €3bn into corporate bonds of various quality and Arca’s woes might dent their confidence.
