Zagreb Commercial Court judge Nevenka Siladi-Rstic confirmed on Friday the debt-for-equity settlement deal reached by the creditors of the indebted Agrokor conglomerate in the emergency administration procedure.
The court ruling “confirms the settlement deal accepted by the creditors in the emergency administration procedure in the Agrokor Group and its associates, at a court ruling held on July 4.”
The debt-for-equity settlement deal, reached on June 19 between the company's emergency administration and their creditors, details the ownership structure of the new Agrokor. The deal was passed with creditors who have 80.2 percent, or 27.08 billion kuna (€3.6 billion), of total claims voting in favour.
The ruling determined that the court, the emergency manager, and the temporary creditors’ council would oversee the implementation of the settlement agreement.
“The emergency manager must notify the court and the council once annually on the implementation of the deal,” the court said.
The emergency administration procedure ends with the implementation of the settlement, and that 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 will be determined at a later date, the court said.
The ruling can be appealed within eight days of its publication on the e-message board. All appeals will be handled by the High Commercial Court.