ZAGREB, March 8, 2018 – Three-day closed negotiations, held by representatives of the interim creditors council in Agrokor, the new emergency administrator Fabris Peruško, his deputy Irena Weber, consultants and observers, have resulted in significant progress, according to a press release issued on Thursday by that private ailing food and retail conglomerate.
“During the 6-8 March meeting in Zadar, significant progress towards agreeing the key terms of a settlement plan” was made and many topics were discussed, “including the recently announced updates to the viability plan, key legal milestones, PCC (Permanent Creditors Council) formation timeline, details on the settlement structure and, crucially, the treatment of outstanding debt.”
Based on the propositions stemming from the restructuring proposal outlined in December, representatives of Agrokor’s creditors, both financial and supplier (the Creditors Representatives) “have, for the first time, been able to review certain important financial information which will assist them in reaching a viable settlement plan.”
In consultation with the interim creditors’ council (ICC), “the group will make the relevant information which was shared with the ICC members publicly available on 14 March.”
Peruško was quoted as expressing satisfaction with the results of the meetings. “We have made very significant progress and I am confident we will be able to meet the April deadline for a term sheet outlining the settlement plan. I am looking forward to the next meeting with this group and updating you further on our results,” he said.
The same negotiators are supposed to reconvene “to resolve these remaining issues during the week commencing March 19.”
