Decision Day for Agrokor: One Step Closer to New Extraordinary Commissioner?

Lauren Simmonds

The key meeting is that of five members of the temporary creditor’s council, scheduled for 15:00 today.

As Poslovni Dnevnik writes on the 26th of February, 2018, during the day, the representatives of all of Agrokor’s major creditors will meet with the government to negotiate, and Prime Minister Andrej Plenkovic is expected to announce who the government will propose as the new extraordinary commissioner of the ailing Agrokor Group, following the step down of Ante Ramljak.

The representatives come from various groups, from suppliers from domestic and foreign companies and investors’ representatives, from world banks to local banks. In spite of their potential differences, they all agree that they want to talk to the new extraordinary commissioner before his appointment to the role.

The most likely scenario in this case will be that only after the creditors adopt his election will Plenković publicly announce the name of the man over which the public has been speculating for days now, and the choice will not be easy because both political interests and the very individual interests of the creditors must be mutually satisfied, and the two are not complementary.

The representatives desire a person who is already deeply acquainted with the seemingly eternal process, while Plenković needs a person who will not be labelled with potential conflicts of interest, and who will be politically acceptable.

The government should talk to the various creditors involved with the much-talked about roll-up arrangements that they should agree to. The loan was fully withdrawn, meaning, more specifically, that 480 million euro of fresh capital was withdrawn, from which over 100 million euro of old debt to Agrokor’s suppliers has been settled and the current business of Agrokor’s companies was financed by the wildly successful tourist season that Croatia experienced last summer.

For this season, Agrokor has its liquidity and has approximately 200 million euro on its account.


Subscribe to our newsletter

the fields marked with * are required
Email: *
First name:
Last name:
Gender: Male Female
Please don't insert text in the box below!

Leave a Comment