The creditors of Croatian food and retail company Agrokor have agreed to a new reorganisation plan proposed by state extraordinary manager Ante Ramljak.
The plan foresees the transformation of debts owed to creditors into ownership of the company, with a separation of assets from legacy liabilities, as well as a separation of old shareholders from the new group that will be formed.
Profitable parts of the group will put into a new holding, while other non-profitable parts of the group will be closed in bankruptcy procedures.
Part of the debt will be written off in agreement with the creditors, who will also get full operational control over Agrokor after the completion of the restructuring process.
Settlement Plan
Agrokor says that its intention is to a achieve a fast, simple and efficient ownership transfer, and to exit the extraordinary administration procedure within 12 months.
The settlement plan must be submitted to the Zagreb Commercial Court by 10 April at the latest.
The Agrokor Group currently anticipates €5.5 billion in third party debt. More than 12,000 claims have been submitted, with around 5,700 Croatian and international creditors including banks, investment funds and suppliers.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
