Croatia's Court Approves Agrokor's Debt Settlement Deal
Croatia's high commercial court on Friday approved a settlement deal for the indebted Croatian food producer and retailer Agrokor that includes a debt-to-equity swap and some loan write-offs, the company said.
In September of this year, the company had announced that it would 'return to normal business' in 2019, if the court ruled in favour of the settlement deal.
Under the deal, Agrokor's biggest single creditor, Russia's Sberbank will become the largest shareholder with a 39.2% stake.
Bondholders will own 25%, local Croatian banks 15.3% and Russia's second largest bank VTB will end up with a 7.5% stake.
Agrokor, the largest firm in the Balkans with 52,000 staff, was put under state-run administration in April 2017, crippled by debts built up during an ambitious expansion drive.