The financial restructuring of Agrokor during the course of the Emergency Administration Procedure was assessed in the USA as the most significant international company transaction of its kind worldwide, and the team in charge of the processhas won the prestigious 2019 TMA - Turnaround and Transaction Award, the Fortenova Group said on its website.
The financial restructuring of Agrokor during the course of the Emergency Administration Procedure, which resulted in a settlement between the creditors and its successful implementation, was assessed in the USA as the most significant international company transaction of its kind worldwide, Fortenova said in a press release.
It added that the process headed by Emergency Administrator Fabris Perusko has won the prestigious 2019 TMA – Turnaround and Transaction Award in the category International Company Transaction of the Year.
Perusko, who will be presented with the award in September at the TMA Annual Conference in Cleveland, Ohio, said “the global recognition of the success of the Extraordinary Administration procedure goes not only to the closest team that worked on the procedure, but also to our numerous partners, creditors and new owners and most of all to the tens of thousands of our hardworking and diligent employees who have, over these two extremely turbulent years, given their best and preserved the companies they work in.”
“The successful restructuring of Agrokor would not have happened without them,” said Perusko.
More than 100 international projects were nominated in twelve categories for this year’s award, and in the words of Scott Y. Stuart, TMA Global Chief Executive Officer, “the award winners have made a significant economic impact on the global economy by helping struggling businesses preserve their value and save jobs,” Fortenova said.
TMA is a leading global restructuring industry association assembling restructuring and turnaround professionals from all over the world, and the TMA Award is one of the most important in the industry worldwide.
The award is presented by a committee that consists of thirteen members representing a cross section of TMA professionals, from legal to accounting and finance professionals, and the winners are selected in a rigorous peer-review process of vetting the procedures nominated for the award in several rounds of analysing and valuating the data of the transactions.
“The award for the restructuring in the Extraordinary Administration Procedure of Agrokor comes at a time when Fortenova Group, the company incorporated in Agrokor’s settlement implementation, is about to successfully complete the refinancing of a loan facility in the amount of EUR 1.2bn and the key operating companies have recorded growth of all indicators, particularly operating profits, thus confirming the success of Agrokor’s restructuring,” the press release concluded.
