Agrokor Recognizes 41 Billion Kunas of Debt, Disputes 16.5 Billion

Total Croatia News

The government-appointed commissioner disputes some of the claims, including Sberbank’s.

The total amount of claims receivable by Agrokor’s creditors and suppliers, according to the tables published by the Commercial Court in Zagreb, reaches 41.23 billion kunas, while 16.54 billion kunas of claims are disputed, reports N1 on November 9, 2017.

The Commercial Court in Zagreb has published claims against Agrokor and its affiliated companies, which show the amount of total receivables and disputed claims. Ante Ramljak, the government-appointed extraordinary commissioner in Agrokor, recently said that the amount of all claims would be about 58 billion kunas, which includes claims among companies which are part of the Agrokor group.

As previously reported by the Agrokor’s extraordinary administration, the group’s total assets on the last day of 2016 amounted to 41.75 billion kunas, which was 10.3 billion kunas less than in 2015. Total assets at the end of 2015 amounted to about 52 billion kunas.

At the end of 2016, total liabilities of the Agrokor group were 56.28 billion kunas, while in 2015, the consolidated liabilities amounted to almost 55 billion kunas, 9.7 billion kunas more than in the original, later disputed financial statement issued by the company’s previous management.

Ramljak also announced today that he had been notified that a court in London had decided to recognise the validity of the “Lex Agrokor.” “I have just received information from London, which is that a court there has decided to accept the Law on Extraordinary Administration Procedure, which means that no lawsuits will be allowed to proceed in London. Any lawsuit at British courts will be returned to the Croatian courts. That shows that we are on the right track and this greatly facilitates the process we are implementing,” said Ramljak on Thursday.

“We have worked hard in the last several months. Many people and advisers have been involved in the process. This is the final document we had to prepare, and with this information, we can start discussions with creditors about the final settlement. In the very beginning, a huge number of creditors reported their claims, and we had to check which claims could be recognised. The amount of 16.5 billion kunas of disputed claims is high, and perhaps they will ultimately be accepted. That is why we always talk about debts in the total amount of 58 billion kunas. If the legal conditions are met for some of these claims to be accepted, of course, we will do it,” said Ramljak.

He also spoke about the costs for professional advisers. “We will publish all the costs of this entire procedure in a report next month. We have engaged 19 professional advisers and 141 experts. You have to be aware that this is, at the moment, the largest restructuring process in Europe. The total remuneration for consultants by the end of this procedure will amount to about 58 million euros. Depending on the length of the process, it could be increased to 69 million euros. That is one percent of the company’s total debt,” concluded Ramljak.

Translated from N1.


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