April 10 (SeeNews) - The largest creditors of Croatia's troubled concern Agrokor will fund its operational cash needs with a loan of 150 million euro ($158.7 million), prime minister Andrej Plenkovic said on Monday.
The banks, which support the newly adopted law on receivership in systemically important companies, will issue Agrokor a new loan allowing its receiver to pay the company's debts to suppliers and wages to employees, Plenkovic said at a news conference aired live by broadcaster HRT.
The six banks include VTB, Sberbank, Erste&Steiermaerkische Bank, Privredna banka Zagreb, the local unit of Austria's Raiffeisenbank and Zagrebacka Banka.
Earlier on Monday, Croatia's government named economic expert Ante Ramljak as receiver of the troubled food and retail concern. Ramljak will head the restructuring process in Agrokor under the new law adopted by the parliament last Thursday and activated a day later.
The law, commonly known as 'Lex Agrokor', was drafted by Croatia's government in response to financial troubles that emerged recently at the country's biggest private concern.
($=0.945402 euro)