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’s Companies to Get New Names in the New Year
31. Dec 2018.
With the execution at the Commercial Court of Zagreb it has become official that all future mirror companies of the Agrokor Group other than Agrokor d.d, which were so far registered as companies under generic names, have with the last day of the year got new names. The new names of the companies, that will start their operations once the implementation of the Settlement Plan between Agrokor’s creditors is completed, consist of the old name and the addition ‘plus’.
Thus for example Konzum shall after the implementation operate under the name Konzum plus, Jamnica under the name Jamnica plus, Zvijezda as Zvijezda plus, Ledo under the name Ledo plus etc. In the transitional stage the registered seats of all the new companies will be in Zagreb and once the Settlement Plan implementation is completed, they will be returned to the respective cities in Croatia where they are seated now. The old names have been retained in the names of the new companies to preserve the values of their strong brands that will continue to be present on the market under their current brand names after the implementation as well.
Unlike the mirror companies, the parent company Agrokor d.d. will get a completely new name by the end of January and will not use the name „Agrokor“ any more.
All these changes are part of the implementation process of the Settlement Plan closed between Agrokor’s creditors, which is due to be completed by the end of Q1 2019. In the meantime the Extraordinary Administration of Agrokor headed by Fabris Peruško and Irena Weber, after having successfully restructured the company financially, is conducting an operational restructuring as well, its results being reflected in the good business performance of all the major operating companies.
Over the course of I-X/2018 Agrokor’s companies generated total revenues in the amount of around HRK 20bn, while operating profits reached HRK 1.7bn. The operating result was mainly accounted for by the companies from the Food sector, with their operating profits outperforming the budget by almost HRK 70m, as well as Retail and Wholesale, with operating profits exceeding the budget by HRK 28.7m. Over the first ten months of the year Konzum outperformed plans by as much as 50 per cent, generating almost HRK 430m of operating profits.
On this occasion Extraordinary Commissioner Fabris Peruško said: „While 2017 was a year of strenuously saving the system from collapse, the year 2018 has been a positive turning point in all aspects, from the Settlement Plan negotiations, its adoption and becoming final and non-appealable, through the international recognition of the Extraordinary Administration Procedure in the US and Switzerland, to the excellent operating results of the Group. I am confident that the year 2019 will be a year of even better prospects for all of our companies, employees and the new owners.”