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Croatia's Kras recovers part of claims held against Agrokor

Croatia's Kras recovers part of claims held against Agrokor Author: Kras. License: All rights reserved

ZAGREB (Croatia), October 12 (SeeNews) - Croatian confectionery producer Kras [ZSE:KRAS] said on Thursday it has recovered part of the claims of 27 million kuna ($4.3 million/3.6 million euro) it held against the country's ailing food-to-retail concern Agrokor.

Kras is now waiting for the outcome of a settlement with the concern, it said in a filing to the Zagreb Stock Exchange without elaborating.

Agrokor's extraordinary management has said it is hoping for a significant debt write-off, after an audit revealed total liabilities exceeded the concern's consolidated assets by 14.5 billion kuna at the end of 2016.

In June, the concern said it has received over 11,700 claims from creditors in two claim registration processes.

Agrokor has been in financial turmoil since January when Moody's downgraded its corporate family rating on Agrokor. Following Moody's decision, Agrokor pulled out of a syndicated loan deal it had struck with several international lenders, which sent the price of its bonds on international markets into a downward spiral.

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. Todoric was stripped of his managerial rights under the law popularly known as Lex Agrokor.

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