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Croatia's econ min urges Agrokor creditors council to speed up adoption of settlement

Croatia's econ min urges Agrokor creditors council to speed up adoption of settlement Author: Agrokor. License: All rights reserved.

ZAGREB (Croatia), February 8 (SeeNews) - Croatia's economy minister said on Thursday the temporary creditors' council of the country's ailing Agrokor concern should by the middle of next week agree on a set of activities to speed up the adoption of a settlement plan proposed by the concern's extraordinary management.

Following her meeting with the temporary creditors' council, representatives of Agrokor's suppliers and bond holders, as well as secured and unsecured creditors, Martina Dalic called for a speedy resolution of the extraordinary administration procedure in the concern, the government said in a statement.

"The former management in Agrokor brought the company, which has a large impact on Croatia's economy and on the region, to the verge of bankruptcy," Dalic noted, adding that thanks to the government's law on extraordinary management the concern's business has been stabilised.

"I now expect the temporary creditors' council to do everything in their power to put the proposed settlement to a vote," Dalic added.

It is important for all of Agrokor's creditors to reach a fair and balanced settlement in order to recover as much of their debt as possible, she stressed.

In December, Agrokor's extraordinary management unveiled a debt settlement plan under which the creditors and suppliers of the troubled concern will take full control of a new holding company and its units, to which the assets of the sound segments of the Agrokor group will be transferred.

The debt settlement proposal must be submitted to the Commercial Court in Zagreb by April 10 at the latest.

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