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.
Commercial Court in Zagreb Schedules Settlement Plan Voting Hearing for July 4, 2018
21. Jun 2018.
All of Agrokor’s creditors invited to participate in the Settlement Plan voting hearing
The Commercial Court in Zagreb has scheduled the creditors’ Settlement Plan voting hearing for July 4, 2018. The hearing will be held at the Dražen Petrović Basketball Center – CIBONA Hall, Zagreb, Savska 30, at 8:00 a.m.
The listing and identification of creditors is planned to last two hours, whereupon a voting will be held on granting voting rights to creditors of challenged claims and the voting on the Settlement Plan. All creditors, Members of the Temporary Creditors’ Council and the Extraordinary Commissioner are invited to participate at the Settlement Plan voting hearing.
The subject matter of the hearing is the voting on the Settlement Plan agreed between the Extraordinary Commissioner and the Temporary Creditors’ Council and published at the e-bulletin board of the Commercial Court on June 20, 2018, considered to have been delivered to all creditors upon expiry of the third day as of its publication.
The right to vote at the hearing is held by all creditors whose claims have been determined, to the extent of the unrecovered part of their claim. Hence, not entitled to vote are creditors with fully recovered claims and creditors to the extent of their claim having been partly recovered.
Affiliates and subsidiaries subject to the extraordinary administration procedure have no voting rights.
Creditors of challenged claims are as well invited to the hearing. Their right to vote will be recognized if at the Settlement Plan voting hearing the Extraordinary Commissioner and the present creditors with voting rights so agree. If an agreement cannot be reached, the matter shall be decided upon by the Court, by way of a non-appealable ruling to be passed at the hearing.
For identification purposes required for the Settlement Plan voting the creditors, ie. their representatives and/or proxies are required to present a personal ID card or passport, an excerpt from the court, crafts and trades or another register, a new duly signed power of attorney for the Settlement Plan voting hearing as well as an attorney ID card and other relevant documentation granting them the right to participate in the hearing and authorizing them to vote and decide on the Settlement Plan. Persons without the required documents pursuant to which they can be identified or without the duly signed power of attorney will not be allowed to participate and represent at the hearing.
For the sake of practicality, the Commercial Court urges the creditors, as regards their registered claims, to prepare the ordinal number provided for their claim by the Court and the ordinal number of the tables of their claims for the hearing.
Given the large number of creditors and claims, the voting will not be conducted by show of hands or calling the roll, but rather by way of a mobile application specifically designed for this purpose, called “m2voting”, available at Google play and Apple store.
Within the scope of the identification process creditors will receive an access code (username and password) to register in the application and proceed with the voting at the hearing to close the settlement. Should individual creditors not be able to use mobile devices and the voting application at the voting hearing, they will be able to vote at places designated for such purpose where they will receive adequate technical support.
If the hearing should not be completed on July 4, 2018 or if it should for any reason whatsoever not be held that day or should be adjourned, the Commercial Court has immediately determined to hold the hearing or adjourned hearing on the next day, July 5, 2018 at the same time and for the same reason possibly also on July 6, 2018 at 8:00 a.m.
Due to the limited capacity of the hall and for the sake of order at the Settlement Plan voting hearing, the number of persons present as public may be limited.