More than 50 complaints have been filed against the debt-for equity settlement plan for the Agrokor food and retail group by Monday, July 23, the deadline for submitting complaints to the High Commercial Court.

More than 50 complaints have been filed against the debt-for equity settlement plan for the Agrokor food and retail group by Monday, July 23, the deadline for submitting complaints to the High Commercial Court.

The plan, confirmed by the majority of creditors on July 6, received most complaints (17) by noon on Monday. According to the Public Administration Ministry, the first complaint was filed on 11 July, while the majority of them – 35 – arrived since the end of last week. The ministry did not disclose which creditors filed complaints against the settlement plan.

The complaints were filed after Zagreb Commercial Court Judge, Nevenka Siladi-Rstic, confirmed the legality of the settlement plan adopted by Agrokor’s creditors earlier this month. The plan was a key goal of the state-appointed emergency administration which took over the conglomerate in April 2017.

The court upheld the settlement plan as part of the emergency administration procedure, with creditors who hold 80.2 percent of the total claims supporting the deal. The creditors who voted in favour of the settlement plan hold 27.08 billion kuna (€3.66 billion) out of a total of 33.76 billion kuna (€4.56 billion) in claims. Creditors with claims worth 4.7 billion kuna (€636 million) voted against the settlement plan.

(€1 = 7.39 kuna)

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