Agrokor’s creditors have passed the debt-for-equity settlement plan for the indebted company in a vote at the court hearing on Wednesday.

The debt-for-equity settlement deal, reached on June 19 between the company’s emergency administration and their creditors, details the ownership structure of the new Agrokor.

Creditors with claims totalling 33.7 billion kuna (€4.5 billion) had the right to vote at the court hearing, 66.7 percent of which were needed for the settlement deal to be passed.

Due to the large number of creditors allowed to vote, the voting itself took place using a mobile app developed by one of Agrokor’s companies.

The deal was passed with creditors who have 80.2 percent, or 27.08 billion kuna (€3.6 billion), of total claims, voting in favour.
Some 450 of the creditors’ representatives, with claims totalling 31.86 billion kuna (€4.3 billion), were present.

The Zagreb Commercial Court judge Nevenka Siladi Rstic-said that the court could confirm the legality of the creditors’ settlement deal as soon as tomorrow. The plan needs to be approved by July 10 at the latest, when the state-appointed emergency administration’s legally mandated term is set to expire.

Under the provisions of the settlement deal, Russian Sberbank would own the most shares, 39.2 percent, after the company’s restructuring. Along with another Russian bank, VTB (7.5 percent), and Zagrebacka Banka (2.3 percent), it will own nearly three quarters of total shares in Agrokor. The process of implementing the settlement deal is expected to last between three and four months.

(€1 = 7.38 kuna)

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