April 1 (SeeNews) - Croatia's Fortenova Group, the successor to troubled food-to-retail Agrokor concern, started operations on Monday under Agrokor's settlement deal with its creditors, Fortenova said on Monday.
After successful negotiations with the creditors, an agreement was reached which became effective in October 2018 and the operations of Agrokor companies were transferred to Fortenova, the new company said in a statement.
"The capital structure and corporate management have been redesigned with the settlement, as a different management model has been adopted, providing Fortenova Group a much clearer vision for successful operations and growth compared to its predecessor," Agrokor's crisis manager Fabris Perusko said.
In January, Agrokor companies posted 34.2 mln kuna ($5.2 million/4.6 mln euro) operating profit.
Agrokor, which employs some 60,000 people in the region, has been undergoing restructuring led by a court-appointed crisis manager under Croatia's special law on companies of systemic importance passed in April 2017 with the aim of shielding the Croatian economy from big corporate bankruptcies.
(1 euro = 7.42736 kuna)