The Municipal Court in Prague has approved the reorganisation plan of the bankrupt company Arca Investments, drawn up by the creditor IFIS investiční fond. The information has been published in the insolvency register, reports E15.cz.
Arca Investments creditors approved the plan in January. Secured and unsecured creditors voted in favour of its adoption, while the debtor was against it. IFIS's reorganisation plan is based on the so-called pre-transformation, which will enable the transfer of key assets of foreign entities to the newly created wholly-owned subsidiary AI Czech holding. "Within the framework of the Czech insolvency proceedings, our plan assumes a yield of about ten per cent for unsecured receivables. However, in reality, the final result will depend on the value of the individual monetised assets at the time of their sale," said IFIS majority shareholder Marek Indra.
According to him, the implementation of the reorganisation plan can begin after the current court decision becomes legally binding.
Arca Investments was the parent company of the financial group Arca Capital. Arca Investments' creditors filed claims in the insolvency proceedings for approximately CZK 23 billion (€922 million).
