Czech crisis manager Jiří Šmíd buys two biomass power plants from Arca
Czech group Natland sold two biomass power plants in Topoľčany and Bardejov from Arca’s portfolio to Pizzarelli, the company of Czech crisis manager Jiří Šmíd. Natland recently bought J&T Banka's €75m claims owed by Arca. Šmíd will pay just €0.1m, as the two plant lost almost €6m last year. Arca sees the sale as a fraud and accuses Natland of hurting its creditors. Natland highlights the incompetence of Arca's management, which has significantly reduced the value of its assets. Šmíd was the only bidder, and he will try to save the power plants.
