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  • Date of publication: 31 August 2020
  • 3843
  • businessbuysale.com
  • Russian banks will receive almost 50% of the largest Croatian retailer

    Synopsis

    Sberbank and VTB will receive almost half of the largest private Croatian company, the food retailer Agrokor, lent to them, in exchange for writing off part of the debt. The Croatian company was on the verge of bankruptcy

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Description

Sberbank and VTB will receive almost half of the largest private Croatian company, the food retailer Agrokor, lent to them, in exchange for writing off part of the debt. The Croatian company was on the verge of bankruptcy

 

Creditors of the largest private Croatian company Agrokor, among which there are Russian banks, have reached an agreement on the settlement of the debt of the retailer. This is stated in a message published on the company's website.In the morning on Wednesday, July 4, at the basketball stadium in Zagreb, hearings began about how the company can settle the debt accumulated before creditors. The meeting was attended by 3,069 creditors Agrokor, previously reported the company ."Today is a really great day for Agrokor. Before the emergency administration there was a goal in reaching an agreement that would be supported by most creditors, and we succeeded, "the retailer said.The Russian banks - Sberbank and VTB - account for about a quarter of the debt of the Croatian company: the first retailer should € 1.1 billion, the second - about € 300 million. The parties decided to conclude a deal whereby part of the company will pass to the holders of its bonds and creditors. For such a settlement, the owners voted 80% of the debt, which is about € 4.6 billion.Sberbank as a result of the transaction will receive 39.2% of the company's shares, VTB will get 7.5% of securities. In total, under the control of Russian banks will be a package of 46.7% of shares.In the Savings Bank of TASS noted that they were satisfied with the agreement."Sberbank, along with the rest of the largest creditors, will continue to take an active part in the implementation of the plan to ensure its prompt and effective implementation," the press service of the credit institution said.

The main activity of Agrokor is the production of food products and retail. Over the past few years, the company is in a debt crisis. Croatian authorities specifically to resolve the situation adopted a special law that provided support to the company, as its collapse would lead to a recession in the country.

rbc.ru