BUSINESS

New 480 million EUR of Loan approved to Agrokor?

agrokor_1Temporary Council of Creditors of Agrokor gave its approval to the extraordinary administration of that concern to sign the agreement on a financial arrangement in the amount of 480 million EUR. This amount includes 80 million EUR of loan that was already approved for Agrokor by domestic banks in April.

In the statement that was posted on the website of this company was added that an additional 50 million EUR of potential commodity loans with refinancing is provided for suppliers.

“This is the last loan indebtedness of Agrokor under the extraordinary administration, with which we will create the preconditions that are necessary for the successful restructuring of the company,” said Appointed Commissioner for Agrokor, Ante Ramljak.

Representatives of large and small suppliers, secured creditors and holders of bonds who attended the meeting gave their approval for the financial arrangement and the approval was denied by representatives of unsecured creditors who were represented by the Russian Sberbank, the largest creditor of Agrokor.

Allegedly, Sberbank believes that this kind of model is not in accordance with laws in Croatia, but the Court in Zagreb refused that proposal.

(Source: ekapija.com)

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