The process of reaching a settlement under the extraordinary administration procedure of Agrokor is one of the most complex in Croatia and in Europe due to the complexities of Agrokor as a business and the total amount of the debt as well as the large number of creditors, 5.700 of them. This section contains all the news on the process of reaching of a settlement for all the key stakeholders, as well as the latest details and developments.
Agrokor Group Operations Marked by Final Preparations for the Settlement Plan Implementation
13. Feb 2019.
The Agrokor Group has published its monthly report on the operations of 16 companies covering the period from 11 January to 10 February 2019. The companies’ financial results for the year ended as at 31 December 2018 are subject to a statutory audit obligation, with the audited results expected to be available during April 2019. Consequently, this monthly report does not comprise the companies’ operating results for December. The monthly operating results in 2019 for the companies included in the report shall continue to be published regularly in the future reports.
The period under review in the Agrokor Group was marked by the final preparations for the Settlement Plan implementation and the public announcement of the Settlement Plan implementation commencement date, ie. the date as of which the transfer of business units from the Agrokor Group companies to the New Group companies will take place, is expected shortly.
Within the scope of the preparations for the Settlement Plan implementation, in accordance with the agreement between the creditors the procedure of appointing the management boards / directors of the future mirror companies has started. The procedure of appointing the mirror companies’ managements is one of the steps in the process of preparing the implementation of the Settlement closed between Agrokor’s creditors and an important precondition for the mirror companies to become fully operational as at the implementation commencement date.
At most of the mirror companies the management boards /directors will remain the same as in the existing Group companies. Changes will only take place in some minor companies where the management board members / directors have announced of their own accord that they would leave for other reasons.