One of the largest domestic real estate agencies, M&M reality holding, and the investment company Arca Capital continue to work on the capital merger. On Friday, the Czech-Slovak group Arca Investments in Slovakia applied for temporary protection from creditors under a law designed to help companies weather the effects of coronavirus. Arca Capital, controlled by businessman Rastislav Velič, is to gain 47.5 percent in M&M Reality.
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“It simply came to our notice then. We keep our fingers crossed for our new partner, whether the restructuring succeeds, because the synergy effects that we are now realizing together are moving both companies first in the real estate and financial fields. And in the Czech Republic, Slovakia and Austria, “said Petr Morcinek, owner of M&M Reality, when asked by the E15.cz server. Merger of both companies announced in April.
However, no change in the entry of a new partner is still registered in the Commercial Register at M&M reality holding. “The decision of the Office for the Protection of Competition is still pending,” Morcinek added.
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According to statement of Arca Investments The main goal of creditor protection is to use time under temporary protection to prepare for the company’s internal reorganization and creditor satisfaction plan. The company further stated that the recovery process does not adversely affect the operation of key projects of the group and its subsidiaries Arca Capital, which remain fully operational.
“The economic shock of the pandemic has significantly reduced liquidity across the economy. It can be expected that the number of companies that will have to benefit from legal protection will increase. The aim of this measure is to ensure that healthy companies that have only become insolvent do not end up unnecessarily, ”commented Martin Sklenář, an analyst at the Prague branch of Saxo Bank. Similar solutions work in most European countries.
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