Arca heading towards bankruptcy

Czech creditors of Arca Investments rejected a revised reorganization plan prepared by PwC and Dentons. The outcome will now be reviewed by a court. Czech courts rejected the initial plan in February. The original owners, led by Rastislav Velič, are still trying to restructure (write off) debts, but bankruptcy and a sale of assets by bankruptcy trustees is now more likely. Creditors will thus receive only a fraction of their claims, which are worth more than €950m. (ceskenoviny.cz)

Slovak courts have already approved the restructuring of the Slovak part of the group. Some of its companies have gone into bankruptcy, and a bankruptcy trustee yesterday called a tender for the sale of a plot of land in Bratislava’s Mlynské Nivy, with price estimated at €6m. Arca had a plan for a skyscraper there.

(hnonline.sk)