Czech courts refused to restructure Arca Capital debts
Arca Investments, the Slovak-based umbrella company of Arca Capital group controlled by Rastislav Velič, filed for debt restructuring in Czechia on December 23. It argued its activities are centered there. Czech courts immediately turned its request down, arguing it should file in Slovakia. Slovak legislation requires the repayment of at least 50% of debts, and the group might end up in bankruptcy instead. The company admitted debts of €710m. These are mostly bills, of which €380m are overdue. Velič claims the group wants to repay over 50% of its debts; media estimate the share at just 5-10%.
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