480mln EUR loan approved to Agrokor

Government-appointed receiver in Agrokor, Ante Ramljak has confirmed that the concern was approved a 480-million-EUR loan.

Out of this amount, 150 million EUR will be spent on settling the company’s liabilities towards suppliers, while 80 million will be deposited in the company’s bank account and will be available to receivership managers should they need it.

“The first installment of 30 million EUR will be paid to the farmers and co-operators of Agrokor by the end of July. In the next to three weeks, the debt towards farmers that supply Agrokor will be settled in its entirety. We have managed to preserve the company, there will be no bankruptcy and we are now embarking on second phase which is restructuring”, Ramljak says.

The loan was approved by Zagrebacka Bank, Raiffeisen Bank, Erste Bank, JP Morgan and Goldman Sachs, as well as several investment funds with the Knighthead fund at their helm. Also, Russian bank VTB provided some of the money, while there are speculations that another Russian bank – Sberbank – might do the same by the end of this week.

Agrokor will pay its smaller suppliers in ten or so days, i.e. by mid-July. The Croatian media report that there are at least 800 suppliers who have not registered their claims against Agrokor.

As Tportal reports, the beginning of the restructuring phase in Agrokor could mean laying off some of the company’s workers, but nobody knows how many workers will be let go.

(Aljazeera Balkans, 05.07.2017)

http://balkans.aljazeera.net/vijesti/agrokoru-odobren-kredit-od-480-miliona-eura

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