Agrokor's five financial creditors said on Wednesday that claim filings based on guarantees issued by Agrokor’s subsidiaries had been reviewed and that they are "fully lawful and valid", accusing some of the actors in the process of Agrokor's restructuring "of publicly promoting their particular interests".
The creditors of the struggling food conglomerate Agrokor – the investment company Fidelity International, the investment consultancy Knighthead Capital Management, Sberbank of Russia, VTB Bank (Europe) and the Croatian Zagrebacka Banka – said in a statement published on Agrokor’s website that the crisis management was doing a good job and that the allegations that the guarantees were questionable were aimed at undermining the process.
The statement was issued following allegations by some of the stakeholders who perceived the guarantees as questionable.
“Agrokor’s financial and legal advisers performed a thorough review of all claim filings, including claim filings based on guarantees issued by Agrokor’s subsidiaries. The claims on the basis of guarantees were examined and determined to be fully lawful and valid and have been recognized by the crisis manager (Fabris Perusko) as valid, i.e. legally binding obligations of each of the respective operating companies which made a commitment under the guarantee agreements,” they said.
All guarantee obligations were in compliance with the laws on finance documents, and they were disclosed to the public in a timely and proper fashion.
“In the case of Agrokor, operating companies provided guarantees to financial and credit institutions which financed the group. These guarantees enabled the provision of several billions of euros of funding that benefited the group and, indirectly, the broader Croatian economy,” they said.
The financial creditors said they supported the Agrokor group and are “actively participating in the extraordinary administration proceedings with the aim of ensuring the long-term sustainability of the group, and successfully achieving all objectives of the Extraordinary Administration Act.”
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