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Croatia: creditors reached agreement on food giant Agrokor
Russian banks to acquire 46% of the Balkan group
21 June, 13:45
(ANSA) - ZAGREB - in Croatia, the creditors reached an
agreement on the partial cancellation and sharing of debts of
the agri-food giant Agrokor, put under external administration
by the government in Zagreb in April 2017 to prevent bankruptcy.
The agreement between the creditors and the major suppliers of the Croatian company, which runs supermarket chains and dozens of production facilities not only in Croatia, but also in Bosnia, Slovenia and Serbia, provides for the cancellation of a considerable part of the debt and the division of shares in property among the major foreign creditors. 46% of Agrokor, whose value has been estimated at 2.8 billion, will be delivered to two Russian state banks, Sberbank (39%) and VTB (about 8%), which in recent years have abundantly financed the company, up to 1.4 billion euros.
Even though they will not become majority owners, the two Russian banks will own the largest percentage of new Agrokor shares. The many other creditors, including the American fund Knighthead Capital with 12%, will get hold of the remaining shares. A similar share was allocated to Croatian banks. The Commercial Court now has until July 10th to verify and confirm the agreement and put an end the external management of Agrokor.
(ANSA).
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The agreement between the creditors and the major suppliers of the Croatian company, which runs supermarket chains and dozens of production facilities not only in Croatia, but also in Bosnia, Slovenia and Serbia, provides for the cancellation of a considerable part of the debt and the division of shares in property among the major foreign creditors. 46% of Agrokor, whose value has been estimated at 2.8 billion, will be delivered to two Russian state banks, Sberbank (39%) and VTB (about 8%), which in recent years have abundantly financed the company, up to 1.4 billion euros.
Even though they will not become majority owners, the two Russian banks will own the largest percentage of new Agrokor shares. The many other creditors, including the American fund Knighthead Capital with 12%, will get hold of the remaining shares. A similar share was allocated to Croatian banks. The Commercial Court now has until July 10th to verify and confirm the agreement and put an end the external management of Agrokor.
(ANSA).
