You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Russian bank VTB hopes to recover 60% of Agrokor debt - report

Author Radomir Ralev
Russian bank VTB hopes to recover 60% of Agrokor debt - report Author: Agrokor. License: All rights reserved.

ZAGREB (Croatia), September 8 (SeeNews) - Russian bank VTB expects to recover at least 50-60 percent of the 300 million euro ($361.7 million) debt owed to it by Croatia's ailing concern Agrokor, Russian media reported.

"Some reserves should be set aside because certainly there will be losses. I think that at least 50-60% will be recovered. Whether it will be possible to recover more depends on a number of factors," Russian business news agency Prime quoted VTB president Andrey Kostin as telling reporters on the sidelines of an economic forum in Vladivostok on Thursday.

The results of the audit of Agrokor have not been announced yet, they are expected to be unveiled at the end of the month, Kostin added. 

The deputy president of VTB, Herbert Moos, said earlier that a potential restructuring of the debt of Agrokor could be discussed after the results of the audit are announced in September, Prime recalled.

The Croatian food-to-retail concern owes some 1.3 billion euro to Russian banks, which is equal to almost a third of its total debt, according to the news agency. 

($ = 0.829374 euro)

Compare