Plenković: Agrokor receives a new loan of up to 150 million euros, salaries for workers until Easter

Prime Minister Andrej Plenković stated on Monday, after a meeting with the Coordination of the creditor banks’ committee for Agrokor, that representatives of the creditor banks support the legal and institutional framework for Agrokor and will provide the first tranche of liquidity, up to 150 million euros, for the company.

Representatives of the banks support the legal and institutional framework and give support to Ante Ramljak, who has been appointed as the extraordinary commissioner for Agrokor, Plenković said in a media statement.

>>>Biography of Ante Ramljak

He also emphasized that it has been agreed that six creditor banks will provide new fresh liquidity – that is, a new loan to Agrokor, in order to ensure operations, pay suppliers, and provide salaries to workers until Easter.

“This is the readiness that the banks have confirmed. It is an amount of up to 150 million euros. The details of this agreement will be defined during the afternoon,” Plenković stated.

The issue of promissory notes

Reflecting on the issue of promissory notes, Plenković said that the banks expressed understanding for the specificity of this problem. “We will use all mechanisms to find a solution in which the one who was the end user of those funds will ultimately return those funds. I believe there is a consensus that this issue is important both for trust and confidence towards suppliers, and for resolving this issue, which I think should be monitored and approached with due caution and attention in the future,” the Prime Minister emphasized, among other things.

>>>Tedeschi: Lex Agrokor puts suppliers ahead of financial institutions and banks

According to the CEO of Zagrebačka banka, Miljenko Živaljić, representing the coordination of the creditor committee for Agrokor, he stated that the banks support the restructuring program of Agrokor and confirmed that they will provide additional liquidity of 150 million euros.

Members of the coordination committee of financial creditors include Erste&Steiermärkische Bank, Privredna banka Zagreb, Raiffeisenbank Austria, Sberbank, VTB Bank (Austria) AG, and Zagrebačka banka.

Priorities

Earlier, Prime Minister Andrej Plenković, in a statement to reporters after a meeting with suppliers, said that it has been agreed that suppliers whose accounts are blocked will be settled first, while the proxy of Kraš, Marica Vidaković, stated that it has been agreed that Konzum stores will be stocked with goods.

>>>Suppliers agreed that blocked claims will be settled first

“It was clear that there is trust from suppliers towards the legally regulated and structured process of exiting the current crisis, which practically began with the decision of the Commercial Court in Zagreb shortly before 10 o’clock. This morning we were efficient and quick, and Ramljak has, based on the decision of the Commercial Court, a full mandate to act as a commissioner,” the Prime Minister said.

The Commercial Court in Zagreb on Monday appointed Ante Ramljak as the extraordinary commissioner for Agrokor and prohibited the initiation and conduct of litigation, enforcement, administrative, and security proceedings against Agrokor and its 24 related and dependent companies in Croatia, thereby enabling the unblocking of the company’s accounts and its firms. The unblocking of their accounts occurred around 11:30 AM.

>>>Ramljak: A battle for Agrokor’s employees, suppliers, and creditors lies ahead