June 20 (SeeNews) - The largest individual shareholder of Croatia's new Agrokor will be Russia's Sberbank with a 39.2% stake, according to the debt settlement agreement upheld unanimously by the concern's temporary council of creditors, Agrokor said.
Bond holders will have a 24.9% stake, local financial institutions 15.3%, Russia's VTB bank 7.5%, while suppliers will hold 4.7%, Agrokor said in a statement late on Tuesday.
Among the Croatian suppliers of Agrokor, diversified conglomerate Adris Grupa [ZSE:ADRS] will have the largest share of the new concern with a 1.4% stake.
According to the text of the settlement, suppliers can expect a 60% recovery rate on their claims, financial institutions will get up to 20%, while for bond holders the return will range between 40 and 80%.
Agrokor also said it has reached two separate deals with the suppliers and Sberbank.
The deal with suppliers foresees the repayment of border debt owed to them, which is debt incurred by the concern prior to the launch of the crisis management process in troubled Agrokor in April last year.
The agreement with Sberbank implies that the lender will have a conditional right to receive annual payments, up until 2021, provided that a group of 17 materially essential companies generates the agreed operating profit.
The EBITDA threshold in 2018 is 245 million euro ($283.8 million), and will gradually increase to 288 million euro in 2021. The total amount of the four payments to Sberbank can not exceed 60 million euro.
The Russian bank and other creditors also agreed to extend the oldest debt loan deal until mid-2019 at the latest, Agrokor said.
The settlement agreement, some 7,300 pages long, will be sent to the Commercial Court in Zagreb on Wednesday. The court is expected to then schedule a meeting of the creditors, within the next 5 to 15 days, where they will give their final vote on the deal, Agrokor said.
The vote must take place prior to July 10.
The implementation of the settlement is planned to last between three and four months.
($=0.863265 euro)