July 24 (SeeNews) - Over 50 complaints have been lodged by creditors against the settlement deal in Croatia's Agrokor which was upheld on June 4 by creditors holding 80.20% of total claims against the troubled concern, local media reported on Tuesday.
Noon on July 23 was the deadline for the submission of complaints, which will be handled by the High Commercial Court, news agency Hina reported, citing information from the public administration ministry.
The ministry did no specify who had submitted the complaints.
The High Commercial Court in Zagreb on June 6 confirmed the settlement agreement, which envisages the establishment of a new Agrokor concern held by the creditors, in which the largest individual shareholder will be Russia's Sberbank with a 39.2% stake.
According to the settlement, bond holders will have a 24.9% stake, local financial institutions 15.3%, Russia's VTB bank 7.5%, while suppliers will hold 4.7%. Among the Croatian suppliers of Agrokor, diversified conglomerate Adris Grupa [ZSE:ADRS] will have the largest share of the new concern with a 1.4% stake.
Agrokor, which employs some 60,000 people in the region, has been undergoing restructuring led by a court-appointed crisis manager under a special law on companies of systemic importance passed in April last year with the aim of shielding the Croatian economy from big corporate bankruptcies.