Ramljak takes over the management of Agrokor

The Deputy Prime Minister and Minister of Economy, Entrepreneurship and Crafts, Martina Dalić, reported on Monday that the meeting at Agrokor has concluded, during which the extraordinary commissioner Ante Ramljak conducted the handover with the previous management of the group, and Ramljak announced that he has taken over the management of the group as of today, with his priority being to negotiate all details with the banks regarding current liquidity.

“My presence here on behalf of the Croatian Government is support for the extraordinary commissioner and generally for the success of the extraordinary administration, which we believe and are convinced will result in stabilizing the operations of Agrokor and all its companies,” Dalić emphasized in a statement to reporters on Monday at Agrokor.

As she stated, the previous management informed Ramljak about the current state of the company and asserted that all conditions have been met for the extraordinary commissioner to begin performing his duties under the law.

>>> Biography of Ante Ramljak

“Today we have taken the first and very significant steps towards resolving the accumulated financial difficulties in Agrokor. Agrokor’s accounts have today been unblocked by force of law, as the court has appointed an extraordinary commissioner,” Dalić said.

She reminded that at the meetings the Government held with suppliers during the morning, it was agreed that they would continue to supply goods to Konzum and other parts of Agrokor, and the banks have secured necessary funds to ensure current liquidity up to 150 million euros.

“In relation to those funds, we still need to finalize agreements on the last details today. However, the goal of all our activities today is to stabilize all payments during this week, to stabilize and ensure payments especially to small suppliers, and to ensure that Konzum’s shelves are full during this pre-Easter week so that the Agrokor system, together with its employees and suppliers, can approach and return to a normal level of operations.”

Ramljak: Priority to negotiate all details with banks for current liquidity

Extraordinary commissioner Ante Ramljak stated that today’s handover took place in an exceptionally businesslike atmosphere of discussions about operational priorities for the company, also reporting that as of today he has taken over the management of the company.

“My priority from this moment is to try to negotiate all details with the banks for current liquidity, and that is the first meeting I will have after taking office. This is my priority in these two to three days leading up to the holiday: to ensure salaries for the employees of the Agrokor group and to pay part of the claims to suppliers.”

When asked what role the previous management of Agrokor, led by Ivica Todorić, will have in the upcoming processes and whether he has familiarized himself in depth with the state of the company today, he said that a thorough assessment of the situation is yet to follow and that the role of the previous management will be exclusively advisory, “at my request.”

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

He explained that the previous members of the Management Board of Agrokor, upon the entry into force of the law on extraordinary administration and his appointment as extraordinary administrator, are no longer in that position.

When asked whether the team of Antonio Alvarez III has handed over the results of their analyses from previous days, he said that this has not yet happened and that it will be discussed tonight.

When asked about Alvarez’s role in the future, Ramljak said that he “will have the opportunity in a short process that we will conduct in the next two to three days to present his restructuring proposal, among other things, with his competition, which is in that range, and after that we will choose who is the best.” And when asked if he can be a restructuring advisor if Ramljak chooses him, he replied: “He can, but he doesn’t have to.”

When asked if there is a systematic solution for suppliers who are under factoring pressure, he said that this problem will be addressed this afternoon, tonight, and tomorrow, and that he believes a solution can absolutely be found.