November 27 (SeeNews) - The listed subsidiaries of Croatia's ailing food-to-retail concern Agrokor said on Monday they have signed an agreement on pledge of intellectual property with Hong Kong-based security claimant Madison Pacific Trust Limited.
The agreement was signed to create security interest in favour of Madison Pacific Trust Limited for a loan extended to Agrokor on June 8, 2017, the subsidiaries said in separate filings with the Zagreb Stock Exchange.
The agreement constitutes pledging rights in favour of Madison Pacific on intellectual property belonging to frozen food producer Ledo [ZSE:LEDO-R-A], food company Belje [ZSE:BLJE-R-A], agricultural conglomerate Vupik [ZSE:VPIK-R-A], mayonnaise and margarine maker Zvijezda [ZSE:ZVZD-R-A] and soft drinks and water bottling company Jamnica [ZSE:JMNC-R-A].
In June, Agrokor signed a roll-up arrangement of up to 1.06 billion euro ($1.27 billion) with over 30 creditors and Hong Kong-based Madison Pacific Trust Limited, which acted as security agent on the deal.
Funds secured under this loan arrangement enabled Agrokor to stabilise its operations and solve liquidity problems, the companies said.
($=0.836808 euro)