Arca Capital Slovakia is insolvent but not overindebted

Arca Capital Slovakia (ACS) is insolvent but not overindebted and is able to repay most of its debts, reads its restructuring report prepared by Advo Insolvency. The Bratislava I District Court recently launched its debt restructuring. At the end of September 2020, its total debts stood at €163.8m and it held €132.6m in illiquid investments. The debts include a €40m loan from Poštová banka and €25.5m bonds. It hopes to repay the debts with the profits of its heating companies, TeHo Bardejov and TeHo Topoľčany, or by selling off its real estate, biogas power plants, or Delia grocery chain. If ACS goes bankrupt, a firesale of assets would only yield €80m according to the report; unsecured creditors would receive only 47% of their claims. ACS promises them 67% in debt restructuring. Banks would receive 49-100% of claims in bankruptcy and 55-100% in restructuring.

(trend.sk)