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Dec 12, 2017 14:55 EEST
December 12 (SeeNews) - Suppliers of Croatia's ailing concern Agrokor have established an association to protect their interests and are due to hold their first sitting on Wednesday, local media reported.
The founders of the association are confectionery producer Kras, coffee and snacks manufacturer Franck, diversified conglomerate Adris, food producer Podravka, as well as other food and drink producers and trade companies such as Alcagroup, Atlantic, AWT, Badel 1862, BAT, Crosig, Granolio, Saponia, Mepas, Sokol Maric, Vindija, Zito and Mlinar, news outlet Tportal reported on Monday.
"Suppliers have recognized that via independent action they can not adequately achieve their goals of business sustainability and that only through formal association can they strengthen their efforts to protect the interests of all Agrokor suppliers", Tportal said, quoting a statement issued by the newly formed association.
Suppliers and Agrokor extraordinary administration face a delicate period as they approach debt settlements.
Tportal hinted that the association may be aiming to enter into the ownership structure of the indebted concern.
The news portal quoted the head of one of the bigger suppliers as saying that the time has come "to keep our heads together".
"If all goes well and the claims are transformed into property rights, then the supplier association will become a shareholder association", the unnamed source said.
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. A process of restructuring of the indebted concern under extraordinary administration was launched under the law commonly known as Lex Agrokor.
In November, Agrokor said it has recognised debt claims in the amount of 41.2 billion kuna ($6.4 billion/5.5 billion euro).
Since the initiation of the process on April 10, creditors have filed over 12,000 claims towards 76 companies within the Agrokor group. Of the total number of lodged and processed claims, 10,200 claims (92%) relate to the top 20 companies, the concern said at the time.
(1 euro=7.53857 kuna)
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