You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Croatia's Agrokor expects creditors to approve debt settlement plan by July 10

Author Maja Garaca
Croatia's Agrokor expects creditors to approve debt settlement plan by July 10 Author: Agrokor. License: All rights reserved.

ZAGREB (Croatia), March 7 (SeeNews) - The new receiver of Croatia's ailing Agrokor concern expects to have the terms of the debt settlement ready by April 10 and have it approved by the creditors by the July 10 deadline, Agrokor said.

Since taking office at the indebted concern, the new emergency management has engaged in a series of in-depth consultations and talks with creditors, setting the preconditions necessary to intensify direct negotiations between creditors towards reaching an agreement in the following weeks, Agrokor said in a statement late on Tuesday.

The debt settlement plan proposes that the creditors will become the new owners of Agrokor, while it is expected of them to write off a portion of their claims, based on the financial business projections and the assets of the entire system.

"With over 5,700 claims it will not be possible to completely align every creditor but the proposal by the company is fair and equitable," Agrokor said.

Fabris Perusko was appointed as Agrokor's new receiver in late February, to replace Ante Ramljak who resigned due to conflict of interest. Irena Weber was appointed as Perusko's deputy.

As at February 28, 2018 the total liquidity available at Agrokor amounted to 1.682 billion kuna ($281.3 million/226.4 million euro). The value of claims recognized by the extraordinary administration total around 41.5 billion kuna, while the total value of contested claims is around 16.5 billion kuna.

(1 euro=7.42688 kuna)