Statement following the meeting with members of the Coordinating Committee of the banks
Apr 06, 2017
Antonio Alvarez III, Head of Europe at Alvarez & Marsal and Acting Chief Restructuring Officer (CRO) at Agrokor D.D. comments:
“The passage of the law is a significant step as we work to stabilize the company. We are working closely with officials towards our objectives of saving jobs, preserving supplier relationships and securing the firm’s financial position for the future.”
On discussions with the Coordinating Committee of the banks:
“We have just concluded a constructive meeting with all of the members of the Coordinating Committee of the banks including Erste, Banca Intesa, Raiffeisen, Sberbank, Unicredit and VTB Bank.
“They continue to support the operational continuation of the Group and all of the efforts particularly of its employees and suppliers during this period of high uncertainty.
“They unanimously have expressed their intention to fund the Group’s operational cash needs on the condition that this funding will enjoy priority status under the new Law for the Extraordinary Administration for Companies with Systemic Importance, which has just been passed by the Croatian Parliament. The commitment is subject to the final credit committee approvals of each institution, which is currently in expedited process. They along with their advisors are working very closely with my team and advisors round the clock, and the Company is continuing to consider all available options."