Claims of Agrokor’s creditors submitted to the Commercial Court

Today the tables containing verified and contested claims, rights to separate recovery and secured rights, requests for the provision of funds, claims filed upon expiry of the statutory deadline and claims against companies not subject to the extraordinary administration procedure were submitted to the Commercial Court in Zagreb. The extensive list includes more than 12,600 claims received until the closing of the processing, filed by around 5,700 individual creditors some of whom have filed several claims against various companies within the Agrokor Group. The creditors have filed claims amounting to a total HRK 504bn, out of which the major amount of HRK 446.2bn is accounted for by co-debtor claims (guarantees) and requests for the provision of funds, guarantees/co-debtorships and recourse rights for bills of exchange and assignments which are registered and bear no voting rights. The total of verified and contested claims amounts to HRK 57.7bn. The total value of verified claims is HRK 41.2bn. Out of this amount, voting rights are currently exercised by creditors with claims amounting to HRK 29.6bn as no voting rights can be exercised by affiliated persons subject to the extraordinary administration procedure. During the processing and verification of filed claims, 1,102 of them in the total amount of HRK 16.5bn were partially or entirely contested. 139 claims were filed after the statutory deadline; they have been submitted to the Court with the proposal to be rejected as untimely.

Creditors were given a period of 68 days to file their claims. The procedure included the receipt, indexation, categorization and a detailed reviewing and processing of the claims received. A special data base was created with an interface for entering and recording the claims and all the required technical analyses and due diligence were conducted. More than 150 Agrokor employees participated in the process. Special work groups and operating teams were established in each of the operating companies, with the whole process supervised by the central team to secure its efficient execution. The preparation of data on filed, verified and contested claims for the purposes of publication in the tables in the format requested by the Court began in October. The filing of claims was registered in tables containing lists of creditors by company, with established, verified or contested claims for companies in the extraordinary administration procedure. The lists of processed claims were prepared by each of the companies in the extraordinary administration procedure, their credibility having been verified by the director of finance, director of legal affairs and president of the management board of each of the companies.

Creditors have the possibility to gain insight into other creditors' claims and all pertaining documents and have the right to contest the claims of other creditors within 8 days as of the publication of the tables at the Court's e-bulletin board. Once the Court's Ruling on Established and Contested Claims becomes final and legally valid, the Court shall refer to litigation proceedings to prove the merits of contestation for creditors whose claims were contested by the Trustee and creditors contesting other creditors' claims verified by the Trustee. Should there be an enforcement document in place for the contested claim, the Court shall refer the contesting party to institute litigation proceedings in order to prove the merits. If the person referred to litigation proceedings does not institute such proceedings within eight days, it will be considered that the person has waived the right to litigation proceedings. Once the Court passes the Ruling on Established and Contested Claims, the Commercial Court shall pursuant to the list of registered and verified claims approve creditor classes based on their total claims with the possibility to make settlement proposals in the extraordinary administration proceeding.

Based on an internal analysis, around 9,000 creditors have not filed claims in the amount of around HRK 850m. Out of the total number of filed and processed claims, 10,200 (92%) of them are against 20 major companies. Konzum d.d. received around 16% of the total claims filed, while Tisak d.d. as second in size received around 8%. Agrokor d.d. processed 466 individual claims, the majority of which are for loans received, bonds issued and commercial notes. The remaining claims were filed against 56 other companies within the Agrokor Group.

Agrokor Claims management process