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.
Fortenova Group begins its business operations today
01. Apr 2019.
Fortenova Group began its business operations today, and this marked successful implementation of the settlement of Agrokor creditors, or in other words a plan of financial and equity restructuring of a company that was on the verge of bankruptcy two years ago due to inability to settle its obligations. The application of the Act on Extraordinary Administration Proceedings in Companies of Systemic Importance to the Republic of Croatia over Agrokor started on April 10th 2017. During this process, the operational business of all companies in the system has been stabilised and improved, and this is also true for the businesses of Agrokor’s suppliers and business partners.
Following a successful conclusion of the negotiation of creditors, an agreement was reached that became effective in October 2018, and today, on April 1, 2019, Agrokor’s operational business was transferred to the Fortenova Group. During this weekend Agrokor’s operating companies have successfully implemented a number of extremely demanding processes and operations, thanks to which all of these companies have been operating smoothly today, some of them under new names, belonging to and owned by a new group.
Today, the new holding company Fortenova Group has been launched on the market together with its new visual identity (www.fortenovagrupa.hr).
While the Fortenova Group name represents the new strength of the company that wants to build new, healthy relationships and bring new value to its employees, shareholders and customers as well as all other stakeholders, colours and logo suggest key elements of this new strength.
The first source of inspiration for a new visual identity is the fact that Fortenova Group consists of over one hundred and fifty very large and small companies, in each case smaller business entities, and that only their common, coordinated action leads to the goal of establishing healthy relationships that ensure long-term sustainable business and growth. Based on this, the organic forms in the logo in the form of a stylized letter “F” imply that only some pieces of the puzzle are carefully placed in the picture, giving the Fortenova Group a true meaning as a whole. The choice of colours is based on the spectrum of natural shades, which is in direct relation to the core activities of the Fortenova Group – production, processing and sales of food.
“Our responsibility in the entire process of Extraordinary Administration was extremely high, and this was also the case in this last phase of Settlement Implementation and transfer of assets from the old to the new company. We are extremely proud of the demanding transformation of the entire company that has taken place without problems and business delays, in accordance with the agreement among the creditors. The Settlement Plan redesigned the capital structure and corporate governance, and set up a different management model, in order for the new Fortenova Group to have a much healthier precondition for successful business and growth than was the case with the company that was under the Extraordinary Administration. Like every business in the market conditions, our company will face challenges too, but we all have enough knowledge and experience to deal with them, “commented Fabris Peruško, Agrokor’s Extraordinary Commissioner and soon a member of the Board of Directors and Chief Executive Officer of Fortenova Group.
“With the new name and face of the Fortenova Group we show a modern look of the company that start its market life cycle today. The change through which we have gone through during the Extraordinary Administration process is radical and will bring a number of positive results to the new company. We will try to manage our business so that we can be the leader of all the positive trends, but in a way that is sustainable in the long-term and socially acceptable, “said Irena Weber, Agrokor’s Deputy Commissioner and soon Deputy Chief Executive Officer and Chief Operating Officer of the Fortenova Group.