March 1 (SeeNews) - Croatia's troubled food-to-retail concern Agrokor, currently under interim administration, will be succeeded by a new comany named Fortenova Group on April 1, as a settlement deal with its creditors takes effect, Agrokor said on Friday.
"Out of the total 159 companies in the Agrokor Group, 77 companies that are under the extraordinary administration in the Republic of Croatia will be the first to go through the implementation of the settlement," Agrokor said in a statement.
Out of this number, 45 insolvent companies will be mirrored and new "plus" companies are starting their work in the new group, it added. Old and non-viable companies will be merged into Agrokor.
Once all the assets and companies are amalgamated, Agrokor will be deleted from the court registry.
The stakes of 32 solvent Croatian companies will be transferred to the Fortenova Group and they will be excluded from the extraordinary administration procedure.
Shares and assets of 82 companies outside Croatia which are not under extraordinary administration, are going to be transferred to the new group.
"With the settlement plan Implementation we are completing the demanding process of rescuing a company which was at the brink of complete disintegration and bankruptcy just two years ago," said Fabris Perusko, Agrokor's extraordinary commissioner.