Government accepts the Report on the Extraordinary Administration proceeding in Agrokor
Oct 24, 2018
The Croatian Government has, at a session held on 24 October 2018, accepted the Report on the Extraordinary Administration proceeding in companies of systemic importance for Republic of Croatia in the company Agrokor d.d. Report was submitted to the Government by Darko Horvat, Minister of Economy, Entrepreneurship and Crafts. He highlighted that the financial restructuring is completed and the Extraordinary Administration took all the necessary actions and made good basis for the overall restructuring which is defined in the settlement.
On this occasion, Fabris Peruško, Extraordinary Commissioner for Agrokor and his deputy Irena Weber have met with Andrej Plenković, Prime Minister, Minister Darko Horvat and Dražen Bošnjaković, Minister of Justice.
After the meeting, Fabris Peruško said to the reporters that Agrokor is doing better than before and that the company is working on refinancing of debts and increasing of profitability in the period while waiting for the Decision of the High Commercial Court on the settlement.
“As a result of the Extraordinary Administration’s work the company remains in business and it is doing better than before.”, said Peruško, reminding that the settlement on debt restructuring was confirmed by 80 percent of creditor’s votes.
“We are now waiting for the Decision of the High Commercial Court (VTS). As for the business activities, we are currently working on two subjects – one is the refinancing of the senior priority loan that must be done after the settlement implementation becomes effective and the other is increasing the profitability.”, said Peruško.
He added that it can be seen from the monthly reports that the Extraordinary Administration submits to the Ministry of Economy, that the company’s business is going well and that it is better than it was in the previous year.
To a journalist’s question how long he thinks he will remain in position, Peruško replied that he will, if the VTS Decision arrives in the next month to month and a half, the Extraordinary Administration will complete its work by the end of the first quarter or at the beginning of second quarter of next year.
To the question when will Agrokor change its name and what will the new name of the company be, he replied that it is not decided yet.