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.
Press release following Zadar meeting
08. Mar 2018.
At the offsite meeting of Agrokor’s ICC members and observers, which was held over 3 days from March 6-8, the new Extraordinary Administrator Fabris Peruško and his Deputy, Irena Weber, supported by the wider Agrokor team and the company’s advisers, have made significant progress towards agreeing the key terms of a settlement plan.
During the meeting, many topics were addressed including the recently announced updates to the viability plan, key legal milestones, PCC formation timeline, details on the settlement structure and crucially, the treatment of outstanding border debt.
Building on the restructuring proposal presented in December 2017, Agrokor’s creditors representatives, both financial and supplier creditors (the Creditors Representatives) have, for the first time, been able to review certain important financial information which will assist them in reaching a viable settlement plan. In consultation with the ICC, the group will make the relevant information which was shared with the ICC members publicly available on 14 March.
The Creditors Representatives had a very constructive face to face dialogue and their main settlement plan related thoughts and issues were openly debated.
The discussion on the outstanding border debt, which was identified by the suppliers’ representatives as one of the critical points, resulted in the proposal of a potential solution that in principle is acceptable to the financial creditors and the suppliers. All parties agreed to progress the proposal quickly to ensure broad creditor support for the settlement plan.
At the end of the meeting a small number of key open issues were identified. It was agreed that the same group would reconvene to resolve these remaining issues during the week commencing March 19.
Fabris Perusko said “I am really pleased with the results of the meetings, we have made very significant progress and I am confident we will be able to meet the April deadline for a term sheet outlining the settlement plan. I am looking forward to the next meeting with this group and updating you further on our results”