April 2 (SeeNews) - Russia's Sberbank said on Tuesday it has obtained rights to some 40% of the net assets of Fortenova Group, the successor to Croatia's food-to-retail concern Agrokor, as part of the Agrokor's settlement deal with creditors.
"On 1 April 2019, under Agrokor Holding’s debt restructuring, Sberbank Group was provided with financial instruments including those that grant rights to about 40% of net assets of Fortenova Group TopCo B.V.," Sberbank said in a statement.
The Netherlands-based Fortenova Group TopCo B.V. is the sole owner of Fortenova Group HoldCo B.V., which in turn is the sole owner of Croatia-registered Fortenova grupa, according to information published on the corporate website.
On April 1, Agrokor's operations were transferred to Fortenova.
In June 2018, the High Commercial Court in Zagreb endorsed the settlement agreement for Agrokor, which envisaged the establishment of a new Agrokor concern held by the creditors, in which the largest individual shareholder would be Sberbank with a stake of some 39%.
Agrokor has been undergoing restructuring led by a court-appointed crisis manager under Croatia's special law on companies of systemic importance passed in April 2017 with the aim of shielding the Croatian economy from big corporate bankruptcies.
In January, Agrokor companies posted 34.2 mln kuna ($5.1 million/4.6 mln euro) operating profit.
(1 euro = 7.44023 kuna)
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