It may take a long time for the large parts, but the settlement is done for the Arco small Arcosyn part. Creditor Belvius received only a small portion of his credit.
It’s been ten years since the summer when financial group Dexia collapsed, with Arco and Municipal Holding also flipping some of its shareholders. Arco, the financial branch of the ACW (now Movement.net), has been forced into liquidation for the most part, just like Municipal Holding.
In recent years, Arco’s attention has been focused almost exclusively on the Arcopar, Arcoplus and Arcofin companies. This is because they have private co-ops among their shareholders that have been left out in the cold due to liquidation. But there was a fourth part with Arcosyn that had to be closed. Arcosyn, the youngest of the four, has no private co-operatives.
Earlier this year, the liquidators – the company’s auditor Ludo Foqué and former Arco senior employees Francine Swiggers and Marc Tinant – already succeeded in ending Arcosyn’s liquidation. Documents in the Belgian Official Gazette examine this and Fouquet has also confirmed it.
Arcosyn’s principal creditors were Belfius (former Dexia Bank in Belgium) and, to a lesser extent, Arcopar and Arcofin. According to Fouquet, they have paid off about 7 percent of their debt. There was no money for the rest. Assets, notably Dexia and Elia stocks and KBC bonds, weren’t enough to dampen the trough. The main asset, a stake in Arcofin, was reduced to zero as a result of the Dexia disaster.
Arcosyn shareholders were Arcoplus (52.6%), Arcopar (26.9%), and Capline (20.5%). The latter company is the former Auxipar, part of Arco that survived but came under the control of the bank as a result of a deal with Belfius.
The fact that Arcosyn’s liquidation can be closed is because the company is not involved in any lawsuit against collaborators. For Arcopar, Arcoplus and Arcofin, it is necessary to wait for the end of the processes. That could take a long time, although the arguments in one of those lawsuits will begin this week. As a result, the expenses of the other three Arco units continue to operate and are left less for creditors (especially Belvius). There is no more money for co-ops anyway.
The lawsuits also prevent closing the liquidation at the holding municipality. Liquidators believe it will take several more years to close.