The High Commercial Court in Zagreb on Friday rejected 87 complaints which the creditors of the indebted Agrokor food and retail group had filed against an earlier court ruling, which had confirmed the debt-for-equity settlement deal in the process of emergency administration in the company.

The Zagreb Commercial Court in July had confirmed the legality of the settlement plan adopted by Agrokor’s creditors earlier this year. The plan was a key goal of the state-appointed emergency administration which took over the conglomerate in April 2017.

The settlement plan had been upheld 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.

The High Commercial Court today rejected 87 complaints, while two creditors withdrew their complaints, the court said in its ruling today.

The settlement is legally binding since the day it is confirmed by the court for all the creditors, including those who did not participate in the procedure as well as those who were a part of the procedure, but whose disputed claims were determined at a later date, the court had said in its July ruling.

Following the court rulings, the emergency administration procedure is expected to end, with the company taken over by its new shareholders.

(€1 = 7.42 kuna)

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