December 14 (SeeNews) - Suppliers of Croatia's ailing concern Agrokor have established an association to protect their interests and are due to meet with the concern's management next Thursday to discuss a debt settlement plan, the association's chairman said on Thursday.
"We want to work out a settlement together with the banks, other creditors and the extraordinary management that will be primarily in our interest, and then in the interest of other creditors, with the aim to secure Agrokor's, as well as our own, survival," Marin Pucar, Podravka's CEO, said in a statement aired by broadcaster HRT.
The founders of the association are confectionery producer Kras, coffee and snacks manufacturer Franck, diversified conglomerate Adris, food producer Podravka, as well as other food and drink producers and trade companies such as Alcagroup, Atlantic, AWT, Badel 1862, TDR, Granolio, Saponia, Vindija, Zito and Mlinar, and insurer Croatia Osiguranje.
Local media have reported that the association may be aiming to enter the ownership structure of the indebted concern.
In April, the Croatian parliament adopted a law allowing the government to appoint temporary administrators in companies of systemic importance to lead a restructuring process at the request of the companies' creditors or the debtors themselves. A process of restructuring of the indebted concern under extraordinary administration was launched under the law commonly known as Lex Agrokor.
In November, Agrokor said it has recognised debt claims in the amount of 41.2 billion kuna ($6.4 billion/5.5 billion euro).
Since April, creditors have filed over 12,000 claims towards 76 companies within the Agrokor group. Of the total number of lodged and processed claims, 10,200 claims (92%) relate to the top 20 companies, the concern said at the time.
(1 euro=7.5386 kuna)