Two years ago, Ivica Todorić signed Lex Agrokor, handing over the control of his gigantic company to the control of the state in an attempt to save it from collapsing. Since then, the largest restructuring in this part of Europe has taken place, a tumultuous phase we are now coming to the end of.
As Agrokor and all of its tremendous woes finally enter the realms of Croatia’s business history, Fortenova begins its operations on a clean(er) slate.
As Jadranka Dozan/Poslovni Dnevnik writes on the 1st of April, 2019, as of today, which was already publicly announced by the former Agrokor as the date of the beginning of the settlement, Fortenova Group, the company’s brand new name, begins its work. Yesterday, all Konzums were closed for the day, and a new chapter has now begun.
From the technical-operational aspect, the most visible test of the success of the enormous amount of preparatory actions for this “business migration” will be shown today in Konzum. From a normative aspect, all of the necessary enforcement documents were completed late last week. Fabris Peruško, the company’s government appointed extraordinary commissioner and the temporary creditor’s council agreed their final texts on Thursday. On Friday, just one day later, the Commercial Court in Zagreb issued a statement, and Judge Nevenka Siladi Rstić then issued a decision and approved the aforementioned documents.
Two days before, the conclusion was published explicitly specified the role(s) of the temporary creditor’s council and the extraordinary commissioner in the further IU procedure, which could take a further three years. There was obviously a disagreement when it came to the terms of the need for harmonisation of the final acts between Fabris Peruško and the temporary creditor’s council, so the session of the creditor’s council lasted for two days.
Until the end of the procedure, the creditor’s council now has the right and the duty (along with the court) to monitor how business is being done, supervise the execution of the settlement, and Peruško’s work, including overseeing payment statements, checking account turnovers, and approving decisions in the settlement’s further implementation.
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Click here for the original article by Jadranka Dozan for Poslovni Dnevnik
