Creditors of Croatia's Agrokor back extraordinary administration, its advisors

Creditors of Croatia's Agrokor back extraordinary administration, its advisors Author: Agrokor. License: All rights reserved.

ZAGREB (Croatia), February 1 (SeeNews) - The temporary council of creditors of Croatia's ailing Agrokor concern said its priority is to reach debt settlement in the shortest prescribed legal period in order to recover the highest possible portion of their claims.

"Creditors of Agrokor have invested substantial funds in Agrokor and together with the commissioner and the engaged advisers of Agrokor they are focused on recovery of highest possible portion of their claims," the council said in a statement on Wednesday, in which it lends support to the company receiver Ante Ramljak following local media reports that Agrokor is allegedly paying a hefty sum to a company he worked for previously to advise in the restructuring process of the food-to-retail concern.

Croatian media reported on Wednesday that Agrokor has hired Ramljak's former employer Texo Management as an advisor in the concern's restructuring and that it is paying the company 250,000 ($41,800/33,600 euro) kuna a week for its services.

The creditors, however, said on Wednesday that they appreciate the work of the extraordinary management of Agrokor and the hired advisers, "without whom it would not be possible to duly accomplish that task".

"The extraordinary administration procedure in Agrokor is a legally defined procedure and it is managed by the bodies prescribed by the law, including clearly defined authorities of the competent court and its supervisory powers," the council said.

Earlier this week, the commercial court in Zagreb upheld a proposal of the extraordinary administration of Agrokor to divide creditors into groups ahead of a vote on a debt settlement plan.

"The sorting of creditors and defining of groups is based on the records of claims filed and the differences in the legal position of each of the groups," Agrokor said at the time.

The settlement proposal must be submitted to the Commercial Court in Zagreb by April 10, 2018 at the latest.

(1 euro=7.43088 kuna)

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