Croatia's Agrokor says significant progress made on terms of settlement plan

Croatia's Agrokor says significant progress made on terms of settlement plan Author: Agrokor. License: All rights reserved.

ZAGREB (Croatia), March 9 (SeeNews) - Croatia's ailing Agrokor concern said its receiver Fabris Perusko, and his deputy Irena Weber, along with the wider Agrokor team and advisers, have made significant progress towards agreeing the key terms of a settlement plan.

Perusko and Weber held an offsite meeting with representatives of Agrokor interim council of creditors and observers over 3 days, from March 6-8, in Zadar, Agrokor said in a statement late on Thursday.

During the meeting, many topics were addressed including the recently announced updates to the viability plan, key legal milestones, timeline for formation of permanent council of creditors, details on the settlement structure and crucially, the treatment of outstanding border debt.

Building on the restructuring proposal presented in December 2017, Agrokor’s creditors representatives, both financial and supplier creditors, were for the first time able to review certain important financial information which will assist them in reaching a viable settlement plan, Agrokor said.

It noted that representatives of the creditors also had a very constructive face to face dialogue and their main settlement plan related thoughts and issues were openly debated.

"I am really pleased with the results of the meetings, we have made very significant progress and I am confident we will be able to meet the April deadline for a term sheet outlining the settlement plan.  I am looking forward to the next meeting with this group and updating you further on our results", Perusko said.

The same group will reconvene to resolve remaining issues during the week starting March 19.

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