State-appointed emergency manager in the Croatian indebted group Agrokor Fabris Perusko, and his assistant Irena Weber, commented on Wednesday on the court hearing on the debt-for-equity settlement plan in which the company’s creditors voted in favour of the deal earlier today.
The settlement deal was passed with creditors with 80.2 percent total claims voting in favour, and the court is expected to confirm the deal as soon as tomorrow.
Perusko thanked the creditors and members of the temporary creditors’ council on their work in reaching the settlement, as well as all those who worked on drafting the settlement deal and the Agrokor’s employees.
“I want to thank the Croatian government on its swift reaction in passing the law (on state-appointed crisis management) and their help during the process itself,” Perusko said.
The Croatian law on state-appointed emergency administration in systemically important companies, dubbed in the media Lex Agrokor, was passed in April 2017 in order to save the struggling conglomerate from bankruptcy.
Before the crisis in the group began, Agrokor employed around 60,000 people in the region, and owned a number of companies in Croatia and the neighbouring countries.
We were very relieved to hear the settlement deal was passed, said Irena Weber.
“The companies are doing very well, above the sustainability plans. We hope we will keep the momentum and turn the company over to the creditors in a better state than it was a year ago, once the transition period is over and the Court votes on the validity of the settlement deal,” she said.
When asked what would happen with the creditors who opposed the deal, Perusko said the administration did not know who they were, and therefore could not tell what their next moves would be.
The creditors who oppose the deal now have three months to appeal the vote. After the deadline expires, if the settlement deal is finally confirmed by the court, the implementation process, which is expected to last for some additional three months, will begin.
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