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Wednesday, June 20, 2018, 

Croatia: Agrokor administrator confident about deal with creditors

Croatia: Agrokor administrator confident about deal with creditors

Zagreb, 6 October 2017 (MIA) - Emergency administrator Ante Ramljak said on Thursday that the operating results of the Agrokor Group's companies in the first nine months of 2017 gave rise to hope that a settlement could be reached with the creditors of this debt-laden retail and food conglomerate, Hina reports.

Ramljak presented the findings of audited financial reports for Agrokor's major members prepared by PricewaterhouseCoopers (PwC).

The protection provided those companies by the law on emergency management with the aim of restructuring and business resumption has made it possible for the reports to be prepared in line with the principle of unlimited business, Ramljak told a news conference.

He said that the aggregate loss of the Agrokor Group and Agrokor joint stock company (d.d.) would be made public on Monday.

If the Law on Emergency Receivership in Systemically Important Companies also know as "Lex Agrokor" had not been adopted, this private food and retail concern would now have been on the brink of bankruptcy, he said.

Ramljak is confident that he will manage to reach a settlement with the creditors on the back of good business results in the first nine months of 2017. "Our business is now in a good shape and we have a good position for the negotiations with the creditors."

Ramljak said that Agrokor's flagship member -- the Konzum retailer -- also had an operational profit in the first nine months of the year.

Asked by by the press whether employees should fear about their jobs, Ramljak answered in the negative.

He also underscored the excellent performance of the agricultural division of Agrokor so far this year. ik/12:20



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