Agrokor units reveal billions of euro in contingent liabilities

Agrokor units reveal billions of euro in contingent liabilities Author: Agrokor. License: All rights reserved.

ZAGREB (Croatia), June 15 (SeeNews) - Several Croatian companies within troubled concern Agrokor have revealed in bourse filings they face billions of euro in contingent liabilities after acting as co-debtors and guarantors on loans and other financial instruments issued to the concern.

Water bottling company Jamnica [ZSE:JMNC-R-A] said its contingent liabilities, arising from its role as co-debtor and guarantor on loans raised by Agrokor, amount to 27.08 billion kuna ($4.1 billion/3.7 billion euro).

In terms of loans raised by Agrokor's affiliates, Jamnica is burdened with 4.13 billion kuna of contingent liabilities, it said in a filing to the Zagreb Stock Exchange on Wednesday.

In a separate filing, meat processing company PIK-Vinkovci [ZSE:PIVK-R-A], said it faces potential liabilities of 21.08 billion kuna after acting as the concern's guarantor and co-debtor on numerous occasions. It also faces 37.38 million kuna in liabilities arising from loans to Agrokor's affiliates.

Food company Belje [ZSE:BLJE-R-A] announced that its obligations arising from its role of a guarantor on loans issued to Agrokor amount to 19.35 billion kuna, while it faces liabilities totalling 375 million kuna for being a co-debtor. In terms of loans given to associates, Belje could be forced to pay 879.09 million kuna.

All three companies added that these are not the final amounts, which may change when all claims against ailing retail-to-food giant are reviewed.

Agrokor said on Wednesday it has received a total of 9,864 claims under its call to creditors to register their claims with the extraordinary trustee of the company.

(1 euro=7.40034 kuna)

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