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 submitted a SPFA extension request notice
10. May 2018.
Agrokor has submitted today a SPFA extension request notice in compliance with clause 2.4 of the SPFA agreement. Since March 2018, the Extraordinary Administration has been exploring refinancing alternatives for the SPFA through a new Exit Facility. Market feedback obtained from the process has indicated that, while there is interest from potential new lenders in providing an Exit Facility, the actual funding will likely not be available before the 10 July 2018 SPFA maturity date due to the expected implementation timetable for establishing the new holding structure for Agrokor’s assets, as described in the Settlement term sheet presentation published on 10 April, after an approved Settlement Plan. Completion of this implementation period is currently targeted to be in Q4 2018 at the earliest. Therefore, the Extraordinary Administration has prudently decided to submit the request and intends to engage with SPFA lenders over the coming weeks with the goal of reaching agreed extension terms well in advance of 10 July 2018.