Sberbank and VTB Bank to take over 44% of Agrokor?

The creditors of Agrokor have agreed on a settlement, Vecernji List writes and reports that Sberbank will get around 30% and VTB Bank about 14% of Agrokor.

These Russian banks have big claims – Sberbank claims EUR 1.1 billion, and VTB Bank claims EUR 300 million.

The owners of Agrokor's bonds, Knighthead Capital among them, will get around 23-25% of Agrokor. Local banks will hold 10%, whereas roll-up creditors will be repaid through credit refinancing.

Local suppliers and a part of secured creditors will hold around 8%. The suppliers that provided goods will eventually transform their debts into a 4-6% stake in the concern. According to the latest calculations, they still have EUR 214 million of old debts, which will be turned into capital.

The value of Agrokor has been estimated at EUR 2.6 billion.

At the same time, as agencies report, the Commercial Court of Zagreb has extended the procedure of extraordinary management in Agrokor by another three months.

Agrokor's press release says that, in the procedure of extraordinary management over the debtor Agrokor and its dependent and related companies, the Commercial Court has reached the decision on extending the procedure of extraordinary management by three months, counting from April 10, 2018.

The extraordinary trustee, Fabris Perusko, previously proposed to the Commercial Court in Zagreb to extend the procedure by three months, and said in the explanation of the reason for the filing of the proposition that creditors needed additional time to prepare the contents of the settlement.

Naša AIK Banka a.d. Beograd

Api bank ad Beograd

Agrokor

Sberbank

VTB Bank

Knighthead Capital

Agrokor operations

Agrokor crisis

Agrokor debts

Commercial Court of Zagreb

extraordinary management in Agrokor

Fabris Perusko