State-appointed crisis manager in the Agrokor procedure Fabris Perusko commented on Tuesday on the debt-for-equity settlement deal reached earlier today and what the deal would mean for the future of the company.

The settlement deal is complex, spanning some 7,300 pages, and we wrote it over the last six months, working for the last few weeks around the clock, said Perusko’s deputy Irena Weber.

What I can say in the name of the creditors I represent, is that we are the happiest that the supply chain was kept, and I can proudly say that Konzum (supermarket chain) posted good results. We will raise the return rates on our debts, said the creditors’ representative Marica Vidakovic of the Kras chocolate company.

Crisis manager Perusko talked about the ownership structure of the new Agrokor, provided that the settlement deal is approved.

The biggest shareholder will be Sberbank, with 39.2 percent shares in the new company. The Russian bank will be followed by bond holders with 25 percent, another Russian bank, VTB, with 7.5 percent, and Zagrebacka Bank with 2.3 percent, Perusko said.

He added that there were four national non-banking companies among the owners. They are Adris, who will have 1.4 percent shares in the new structure, the Franck company with 1.3 percent, and Saponia and Sokol Maric, with 0.6 percent each.

Small and micro enterprises have the highest percentage of claim recovery at 100 percent, with fully paid receivables.

The recovery rate for bond-holders is between 40 and 80 percent.

Apart from the settlement model itself, there is an additional deal with the suppliers, who are an important element of the company’s functioning. We have a deal with Sberbank, where the agreed compensation model depends on the group’s future performance, and will be paid according to the Agrokor’s total profit. The option of swapping stakes in the Mercator company was agreed on as well, where Sberbank would swap their stakes in Mercator for ownership stakes in Agrokor, Perusko said.

By successfully bringing together creditors and their various interests, we have reached the point that the major conflicts among them are resolved. The Alca company published a press release yesterday that they would withdraw their challenges to the settlement, the Agram company has publicly confirmed the same. There are technical details we are still ironing out, and I believe that other conflicts will be resolved in the following months, Perusko said.

We are satisfied that we managed to finish drafting the settlement, that the creditors have reached an agreement, and that we can begin implementing the settlement, if it is approved, which we certainly hope will happen, Perusko added.

The complete text of the settlement deal will be published, in both Croatian and English, on the website nagodba.agrokor.hr. After the court hearing on the vote is held and the decision on its legality reached, the process of implementation is planned to last between three and four months, a press release from Agrokor said.

Follow N1 via mobile apps for Android | iPhone/iPad | Windows| and social media on Twitter | Facebook.