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ZAGREB (Croatia), February 2 (SeeNews) - The receiver of Croatia's ailing concern Agrokor has invited creditors whose claims have been determined to elect members of the council of creditors, Agrokor said.
Creditors are invited to notify the extraordinary commissioner and the Zagreb Commercial Court of their elected members of the council of creditors within 30 days, the indebted food-to-retail concern said in a statement on Thursday.
The Zagreb court has agreed for council to consist of 5 representatives of creditors who have been classified into five groups, the concern noted.
Group A is made up of creditors whose claims are secured by a right to separate satisfaction, while group B consists of creditors who are holders of bonds issued by the debtor.
Group C comprises creditors whose claims have been secured by issued guarantees, co-debtorships and recourse debtorships from not less than five companies related and/or subsidiary to the debtor which are subject to the extraordinary administration proceedings and have participated in financing the debtor with seniority rights in recovery of up to 1.06 billion euro ($1.3 billion) dated June 8, 2017.
Creditors whose claims are secured by issued guarantees, co-debtorships and recourse debtorships of not less than five companies related and/or subsidiary to the debtor, which are subject to the extraordinary administration procedure and have not participated in financing the debtor with seniority rights in recovery of up to 1.06 billion euro dated June 8, 2017, are in Group D.
Group E is made up of creditors (including suppliers) in whose favour neither guarantees have been issued nor does co-debtorship or recourse debtorship exist.
In December, Agrokor's extraordinary management unveiled a debt settlement plan under which the creditors and suppliers of the troubled concern will take full control of a new holding company and its units, to which the assets of the sound segments of the Agrokor group will be transferred.
The debt settlement proposal must be submitted to the Commercial Court in Zagreb by April 10, 2018 at the latest.