Message from Ante Ramljak to employees
Apr 11, 2017
yesterday the Government of the Republic of Croatia nominated me, and the Zagreb Commercial Court endorsed my appointment as trustee for the Agrokor Group. The foundation of the endorsement is the Law for the Extraordinary Administration for Companies with Systemic Importance for the Republic of Croatia and the first positive effects of this Law for Agrokor and member companies started showing yesterday, when the bank accounts of companies that were blocked during previous days were unblocked.
Since yesterday, as the trustee, I have replaced the previous management board of the Agrokor Group and since my endorsement all my efforts are primarily directed towards stabilization and normalization of business operations of all Agrokor companies, on all markets. It is a fact that we are currently facing our biggest problems in Croatia, while our operations in Slovenia, Bosnia and Herzegovina, and Serbia are regular. We are rapidly resolving the situation in Croatia and our first priority of securing funds necessary for liquidity to pay wages for all Agrokor employees is now accomplished and wages for those who have not received them yet will be paid by Friday.
We are currently working on securing liquidity to pay parts of the debt towards suppliers and on establishing regular payments for all newly delivered goods and services, pursuant to contractual obligations.
Before anything else, I wish to thank you for all the patience and understanding you displayed over the previous month for which I hope we can expect during this period of transition and reestablishment of regular business operations.
One of my key priorities is preserving jobs along with your rights and interests. What the Law for Extraordinary Administration enables us is to, in the following 12 to maximum 15 months, work on placing all companies within Agrokor on financially sound and long term sustainable foundations. Even yesterday I spoke with suppliers, banks and other creditors and these conversations will continue today. The six banks who have, prior to enactment of the Law, signed a standstill agreement with the company, expressed readiness to finance us with a new loan for EUR 150 million, and the operationalization of this agreement is being worked on as I am addressing you with this letter. The suppliers also expressed full readiness to work together with us on a plan for paying their due outstanding debts which we intend to resolve as soon as possible. All day long today I am also holding meetings with management boards of our operative companies and we are all speedily working on soon returning production and sales to the levels we had prior to this turbulent period we are currently going through.
I sincerely hope that in all these endeavors we can count on your help and support. The role of each one of you is of great significance because we all can, within the framework of our positions and work tasks, make important contributions in establishing regular operations, which I believe is our common goal.
Through open communication with all of you, I will regularly inform you about significant events and information for you and your company. Also, my team and me are at your disposal for all possible questions via email email@example.com
I am looking forward to our future successful cooperation and sincerely greet you.