Creditors sue Arca Capital
Almost 1,200 creditors of insolvent investment group Arca Capital have filed a joint lawsuit in Slovak courts, demanding repayment of the €14.3m they invested in the group’s bonds. Other investors filed lawsuits demanding repayment of €1.6m bills. Arca Capital would not specify the number of its investors but they run into thousands. So far, it has only defaulted on a single €25.5m bond issue, as most of its bonds mature next year or later. It has also defaulted on several bills and loans. Unofficial sources indicate the group has already paid for a restructuring report, an inevitable part of debt restructuring (write-off) application.
The group has announced a deal with London-based Blantyre Capital to provide fresh capital.