Sberbank and the crisis management of the indebted food conglomerate Agrokor have reached an agreement in which the Russian bank would return to the negotiating table, Agrokor's crisis manager Fabris peruško told reporters on Wednesday (March 21).

“I’m happy to report we have managed to come to terms on the principles and the plan going forward on resolving the two main issues concerning Sberbank – for them to withdraw their lawsuits and for Agrokor to recognises their claims. This will enable the crisis management and Sberbank to continue working in a constructive manner in getting a final agreement with all creditors. Recognising Sberbank’s claims will allow them to vote on the deal, and will make it easier for us to move towards a common goal, which is achieving an agreement that brings a sustainable future forn Agrokor,” Peruško said.

Sberbank, which is Agrokor’s biggest single creditor owning 1.1 billion euros of its debt, agreed to return to the negotiations involving the company’s suppliers and creditors, in exchange for dropping legal challenges in courts in several countries outside Croatia targeting Agrokor’s property abroad.

Peruško added that the framework for the final agreement would be completed by April 10, the legally set deadline for the state-run crisis management.

“The agreement will be finalised. By having Sberbank at the negotiating table we ensured a wide support from the vast majority of creditors. The essential thing for us is for the text of the agreement to be agreed upon by a substantial majority, which would give even more credibility to the agreement itself,” Peruško told reporters.