Extraordinary Trustee on the new loan and meeting with Sberbank
May 29, 2017
Today, a meeting was held at Agrokor headquarters that was attended by Ante Ramljak, Extraordinary Trustee for Agrokor, and Maxim Poletaev, First Deputy Chairman of the Executive Board of Sberbank. After the meeting, Ante Ramljak, Extraordinary Trustee for Agrokor, made this statement: “We met today again with representatives of Sberbank; this communication is constant and continuous, especially with Sberbank’s team in Croatia, and today we also held a meeting with Mr. Maxim Poletaev, First Deputy Chairman of the Executive Board of Sberbank that was one of the biggest individual Agrokor lenders. We talked about the present situation in Agrokor and the progress of the Extraordinary Administration and the meeting was constructive.
Certainly the most important information is that Agrokor is just about to finalize a new loan and that talks with potential creditors are in the final phase during which we generally arranged a framework and terms for a new loan. At this time I can tell you that there are a number of interested creditors who will act together, and among them are some banks who already participated in securing the first loan arranged by the Extraordinary Administration. It is a very good sign that a significant number of creditors is participating in these talks and by doing so they are expressing their trust in the Extraordinary Administration and in the continuation of the restructuring process.
Bearing this in mind, we presented once again to Sberbank the details of this process, along with its framework and conditions that are generally agreed upon and we offered them, of course, to participate in the new tranche of credit under the same conditions as other creditors. We will learn about their decision soon and see whether they will participate in this loan. We will appreciate and respect their business decision, and I hereby invite them to join the Club of banks that will finance Agrokor with new liquidity.
All stakeholders of the new financing will have an option of a so-called roll up. There is so much interest from various banks that the financing offered by the banks exceeds the amount we were initially looking for.
For Agrokor, its suppliers and all creditors, the most important thing is that the Extraordinary Administration will with this new loan secure enough liquidity to harmonize payment timeframes in all segments of the system with contractual timeframes and of course to complete proper preparations for the tourist season. Allow me to highlight this once again – we are on the right path, financial results of member companies are improving due to the start of the season, there is a growing number of interested creditors, we are pleased that we are still communicating with everyone, including Sberbank, and on Thursday the temporary Creditors Council will meet after which we will have more information to share with the public.”