ZAGREB, June 21, 2018 – Prime Minister Andrej Plenković said at the beginning of the cabinet’s meeting that the acceptance of the settlement plan by the Temporary Creditors’ Council for Agrokor was a huge achievement, adding that Agrokor has economic prospects as well as all the companies within this group and their partners.
He underscored that all protagonists, including the emergency administration, in the process of stabilisation of the ailing Agropkor group made a huge success and that the government enabled a legislative framework for this 15-month long process during which the group survived in the financial terms.
Plenković recalled that small suppliers ad farmers had the recovery rate of 100% for their claims, whereas Agrokor’s medium-size and big suppliers were given back 500 million euro, with recovery rates for some of them being 60% or 70% and more, and all the companies were given 15 months to be restructured and adjusted to new circumstance.
The most important thing is that Agrokor now has economic prospects, he added. The success of this process has proven “our problem-solving skills,” Plenković said. This was one of the largest restructuring cases in Europe, and has been done in a relatively short period, without a collapse of the local economic and financial system and without the spill-over of negative economic consequences to the economies in the neighbourhood, he said.
Plenković once again thanked the emergency administration and former Economy Minister Martina Dalić for their contributions to the completion of the process. Dalić recently resigned over the scandal dubbed Borg, in connection with the possible conflict of interest of some of consultants included in the process.
