The temporary creditors’ council in the crisis administration procedure in the indebted food and retail group Agrokor reached an agreement on creditors’ settlements late Wednesday night.
A member of the temporary creditors’ council, Marica Vidakovic, confirmed last night to the state-owned broadcaster HRT that the agreement includes two special deals with the Russian Sberbank and the suppliers and creditors of Agrokor, but it does not include a deal with the Adris Group and Agram Invest.
Dubravko Grgic, board member of the Grgic & Partners law firm and co-owner of companies within the Agram Group, said to Jutarnji List daily that he was willing to agree to the creditors’ settlement and deals with Agrokor.
The agreement was accepted by the representatives of Sberbank, Knighthead Capital Management, and Zagrebacka Banka.
According to Vidakovic, Sberbank gave up on entering the roll-up loan, meaning Agrokor’s financial obligations in that regard would not be increased, and the conditional swap of 18 percent of shares in Mercator for a stake in Agrokor, its mother company, was agreed. Minority shareholders in Mercator will also, in that case, have the option of swapping Mercator shares for Agrokor’s.
Creditors of Agrokor Adris Group and Alca did not agree to an agreement with the temporary creditors’ council on Wednesday, saying they were not allowed to be represented by a common agent, but they had to file their claims individually instead.
“The agreement we reached has firm foundations and we believe the Commercial Court, where we will send it for further consideration probably next week, will accept it,” Vidakovic said.
The Commercial Court will be the first legal test for the settlement. The court will have 5 to 15 days to reach a decision on accepting or refusing such an agreement. If it is accepted, the Commercial Court will send the agreement for a vote in the creditors’ council session at the next court hearing, all of which needs to be finalised by July 10.
If the agreement is not accepted, then it can be expected that the government and the parliament will extend the deadline for another few months.
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