December 12 (SeeNews) - The commercial court in Zagreb has approved the restructuring plan of Croatian agricultural company Granolio [ZSE:GRNL-R-A], a major supplier to Croatia's food and retail concern Agrokor, Granolio said on Wednesday.
The decision of the court was published on the e-notice board of the Croatian Ministry of Justice on December 11, Granolio said in a filing with the Zagreb Stock Exchange.
Granolio said in July it filed a motion to open pre-bankruptcy proceedings with the commercial court in Zagreb.
The company, headquartered in Zagreb, is active in stock breeding and production and trading of cereal crops, oilseed and animal feed.
According to local media reports, Agrokor owes Granolio some 100 million kuna ($15.3 million/13.5 million euro).
Agrokor, a major employer in Croatia and the wider Balkan region, ran into financial troulble last year and was put into state-run administration to avert its collapse. In June, the High Commercial Court in Zagreb endorsed a settlement agreement, which envisages the establishment of a new Agrokor concern owned by the creditors, in which the largest individual shareholder will be Russia's Sberbank.
(1 euro = 7.3888 kuna)