23rd session of the Temporary Creditors' Council held today
Oct 30, 2018
The 23rd session of the Temporary Creditors' Council of Agrokor d.d. was held today with all members attending.
By way of introduction the TCC Members were once again informed of the fact that the Settlement Plan has become effective as of 26 October 2018, whereby one of several conditions precedent to the implementation of the Settlement Plan has been met. They were also informed of the following steps to be taken in order for the Settlement Plan to be implemented as soon as possible.
Furthermore, the Extraordinary Administration presented the operating results of the Agrokor Group for the period I-VIII/2018. The Retail and Wholesale, Food and Agri sectors generated a total of HRK 16.07bn in non-consolidated revenues and HRK 1.46bn in operating profits over the first eight months of 2018. Compared to the budgeted values for the period, EBITDA was outperformed by HRK 25.5m with the results of the Retail and Wholesale sector, primarily Konzum, and the results of the Food sector accounting for the major part of the increased operating profit realization.
Members of the Temporary Creditors' Council today gave their approval to the Extraordinary Commissioner for the wind-down of the business relationship with the company Stega Tisak d.d. and several other current topics related to the operating company businesses were presented and discussed over the course of the session.