The creditors of Croatia’s indebted food producer and retailer Agrokor will vote on a settlement deal on July 4, a local commercial court said on Thursday.
For the deal to be approved, two-thirds of creditors must vote for it, which is widely expected. The legal deadline for the vote, aimed at avoiding Agrokor’s bankruptcy, is July 10.
Earlier this week the representatives of major creditors in the so-called interim creditors’ council have accepted the settlement contract, which includes a debt-to-equity swap and some loan write-offs.. It was a key step before the court could act on defining a date for the vote.
Agrokor is the largest company in the Balkans with 60,000 staff. It was put under state-run administration in April 2017, crippled by debts built up during an ambitious expansion drive.
Agrokor’s debt is some 58 billion kuna ($9 billion) and its current value is seen as a third of that. Its creditors include local and foreign banks, bondholders and suppliers.
Under the deal, the biggest single creditor, Russia’s Sberbank with loans worth 1.1 billion euros, would become the firm’s largest shareholder with a 39.2 percent stake.
Bond holders would own 25 percent, the local banks 15.3 percent and Russia’s second largest bank VTB would end up with a 7.5 percent stake. ($1 = 6.3798 kuna)
By Igor Ilic
Nestle SA has accelerated its product development process by 60% since 2016, according to the company. The faster speed to market has been achieved through a restructuring of its research and development process. Now the company is investing in various forms of artificial intelligence (AI) and machine learning to further improve its R&D process and generate better results.
German chemicals distributor Brenntag has confirmed potential takeover talks with US rival Univar Solutions and is understood to be debating the feasibility of a potential acquisition in the coming months. Univar Solutions confirms that it has received a preliminary indication of interest from Brenntag regarding a potential transaction.
Cargill has announced the acquisition of Owensboro Grain Company, a soybean processing facility and refinery located in Kentucky. The purchase of the Owensboro-based company will support Cargill’s efforts to “modernise and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets”.