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Zagreb court appoints interim board of creditors at Agrokor

Zagreb court appoints interim board of creditors at Agrokor Author: Agrokor. License: All rights reserved.

ZAGREB (Croatia), April 13 (SeeNews) - The commercial court in Zagreb said on Thursday it appointed a five-member temporary board of creditors at troubled food and retail concern Agrokor.

The board is made up of representatives of the suppliers, bond holders, secured and unsecured creditors of Agrokor, according to a notice posted on the website of the Zagreb bourse.

The owner of a cattle-breeding farm in Gudovac, Toni Raic, will represent the small suppliers, while confectionery producer Kras will represent the large suppliers.

New York-based Knighthead Capital Management LLC will represent bond holders, Russia's Sberbank will pick a representative to sit on the board on behalf of unsecured creditors, while Zagrebacka Banka's chosen representative will speak for secured creditors.

"The temporary board has the same rights, powers and obligations as the council of creditors and acts as council of creditors until such council is established", the court said.

The temporary board of creditors will participate in the drafting of settlements during the emergency receivership period and will be kept informed on the latest developments in Agrokor. 

Earlier this week, the government named Ante Ramljak as receiver of Agrokor to lead the restructuring process in Croatia's largest private concern under a new law adopted by the parliament last Thursday and activated a day later. The law, commonly known as 'Lex Agrokor', was drafted by the government in response to financial troubles that emerged recently at the food and retail group.

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