Arca Capital will get fresh capital from J&T
J&T, whose Poštová banka and J&T Banka are among the largest creditors of the insolvent Arca Capital (AC; Rastislav Velič), will provide fresh capital to the tune of tens of millions to AC’s real estate and energy businesses. AC’s total debts come to €1bn. J&T wants to stabilize select projects, thereby mitigating the risk of insolvency and assets disposal at fire-sale prices. It would not say whether the capital took the form of a loan or an equity investment. AC added that in addition to J&T, it also received funding from the SLSP for its Manuvia staffing agency. It also wants to finalize terms of the financial assistance from the London-based investor Blantyre Capital until Christmas.
At the beginning of 2021, Velič aims to launch debt restructuring (write-off) in Czechia. Slovak legislation requires repayment of at least 50% of debts, while Czechia imposes no such floor. The key Slovak AC company is under creditor protection until the end of January.