ZAGREB, May 19, 2018 – The Frank company on Saturday reacted to a statement by the extraordinary administrator of the Agrokor conglomerate Fabris Peruško, who said that a settlement would be reached by a temporary creditors council, saying that it would be forced to ask a court to take urgent measures to prevent “further, scandalous and unlawful decisions of the extraordinary administration.”
“Agrokor extraordinary administrator Fabris Peruško made a statement on Friday while passing by reporters by which he unfortunately confirmed that the warnings we had made on several occasions were justified. At the end of his meeting with the press, as if this is a trivial matter, Peruško said there was no time to form a permanent council and that the settlement would be reached by a temporary creditors council whose members were appointed by former extraordinary administrator Ante Ramljak,” Franck said in a press release.
The company recalled that the High Commercial Court on April 5 quashed the ruling handed down by the Zagreb Commercial Court on January 26 on dividing Agrokor creditors into five groups.
“Three weeks have passed since then and the extraordinary administrator has not only failed to propose the dividing of creditors into groups, but he made a statement in Opatija by which he admitted that he is only the executioner of the will of several creditors who think they are entitled to decide on the draft of a possible settlement deal and the way it would be adopted,” Franck said.
Asked by reporters in Opatija on Friday whether the settlement would be reached by a permanent or the temporary creditors council, Peruško said the latter since “there’s no time” to form a permanent council. Talks are under way with all stakeholders, the extraordinary administration needs peace and stability to focus on what has to be done, and there is no need to extend the deadline for reaching a settlement, he said in a discussion on the impact of the settlement on the extraordinary emergency procedure in Agrokor, held as part of the Croatian Money Market conference.
