Russia’s Sberbank, the biggest shareholder in the restructured food and retail group Agrokor, started receiving offers to sell its 39.2 percent stake in the company, news agency Reuters reported on Wednesday.

Offers have been made by distressed funds based in the United States, Canada, and the UK, said Maxim Poletaev, advisor to the Sberbank CEO, Herman Gref.

Poletayev had been the bank’s key executive in talks on the debt-for-equity swap deal which was reached in June this year before stepping down from his position as deputy chairman of Sberbank’s executive board.

Sberbank is the largest single creditor of Agrokor, with a €1.1 billion claim, and the settlement deal saw it become the struggling conglomerate’s largest shareholder, with their claim converted into a 39.2 percent stake in the company.

Poletaev added that Agrokor’s current state-appointed emergency administrator, Fabris Perusko, would become the company’s new CEO.

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