Arca Capital has asked its creditors for time to get its financial house in order, claiming that the economic shock caused by the lock down was causing it cash flow problems. Hospodářské noviny notes the irony of a financial group known for its predatory tactics begging for a bit of leeway. The company’s main shareholder Rastislav Velič was forced to write to investors who had purchased 3-month, 8 percent promissory notes that the company is already a month late in repaying. “Clearing up our financial obligations towards you is our first priority at this moment. Please have faith in us and give us time to restart.” Arca manages assets of more than CZK 53bn, including shopping centers and office buildings and the company recently sold the Kofola beverages group. In March, it acquired ViennaEstate Immobilien and HN writes that it bought nearly half of the M&M Reality network.
