Ivica Todorić believes Martina Dalić to be a destructive person without a great deal of knowledge.
The former Agrokor boss writes a new blog post on the 7th of March, 2018, this time briefly bringing up the failings of Agrokor’s controversial roll-up loan, about which Todorić intends to offer more detail on in the coming blogs.
We bring you Ivica Todorić’s latest blog post translated in full into English below:
”I’m going back to the roll-up loan because it’s an important element in the financial model of the settlement (I’m going to write about the settlement soon). With this model, you’ll be able to transparently see just how many of them were stealing and how much dramatic damage the roll-ups caused to the creditors. I’m also going back to the words of the professor of the law faculty “they think we don’t know what it’s all about”.
I write my blogs for reasons, [and those are] to provide full information about the Agrokor case to the interested public, the professional public, and the competent state institutions.
When it comes to the roll-up loan, [Martina] Dalić tried out, along with her criminal team, a precise plan to take big money and realise huge profits from Agrokor. I was more than convinced, since I’ve been following Dalić for the last year, that she’s a destructive person who, in principle, didn’t really know much, but because of that, she’s skilful in manipulating and in lying.
Looking at Dalić’s and Knighthead [fund]’s roll-up [loan], there are several aspects (in the following blogs, I’ll present all the other aspects of the roll-up) that speak volumes about the complete nonsense of it. Like the big crime associated with that unnecessary loan:
Agrokor has received €500 million in credit, of which 200 million is on the account (1.6 billion).
Of the spent 300 million, it wouldn’t be hard to specify nearly 100 million in unnecessary costs.
There have been several institutions, but the most generous work done to Agrokor’s cash flow was done by Alvarez & Marsal, and that was done under the assumption that they’d bag a restructuring job. They’ve calculated, and there’s documentation for that, that there’d need to be about 300 million euro of new cash. For such a job, for the sake of security, there’s usually a larger amount, but in the end, this amount would certainly be much smaller than 300 million euro.
At the beginning, Agrokor’s extraordinary management team obtained an 80 million euro loan with standard corporate collateral insurance. Today it can be said with certainty that for over 80 million euro, a further 150 million euro would be required. For 150 to 200 million euro, Agrokor has contracted a criminal roll-up agreement and borrowed 1 billion euro.
Of 1 billion euro, Knighthead immediately took 500 million for bonds! For this loan, we took a billion euro, and Agrokor has given Knighthead guarantees through Madison Pacific Trust in Hong Kong on all of its valuable assets.
Dalić, I’m convinced, doesn’t know much, but she understands this because it’s pretty simple.
Why did Agrokor take up to 200 million euro in loans with very favourable interest rates? Because then there’d be no division of the big spoils!”
Ivica Todorić’s blog post translated in full from ivicatodoric.hr