Agrokor Issues Further Call To Creditors
Croatian retail and food conglomerate Agrokor has issued a call to its creditors to ensure that all their claims are registered before June 9, with the group anticipating a 'large number of claim registrations'.
The call comes as the Croatian company seeks to 'stabilize operational activities, support business planning and restructure the Agrokor Group', as well as seek to control its high debt levels.
It has more than HRK 40 billion (€5.4 billion) worth of liabilities, according to a statement published earlier this month. Other estimates put its debt levels at more than €6 billion.
A report by the BBC earlier this week suggested that if Agrokor were to fail, the impact of its collapse would 'reverberate across the Balkans', with 60,000 of Croatia's four million inhabitants working for the company.
Agrokor's revenues are worth more than 15% of Croatia's total GDP.
"The collapse of Agrokor could cause a recession," Croatia's Economy Minister Martina Dalic told the news channel.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.