Extraordinary Administration Expanded to Approximately 20 Companies in Which Agrokor Holds at Least 25 Percent Stake

The Commercial Court in Zagreb on Friday supplemented the decision from April 10 regarding the initiation of extraordinary administration proceedings to include approximately 20 companies in which Agrokor (tag) holds at least a 25 percent stake.

The Commercial Court of Zagreb opened extraordinary administration proceedings over Agrokor and its 24 associated and subsidiary companies in Croatia on April 10 and appointed extraordinary commissioner Ante Ramljak.

>>>Agrokor: Ramljak Reported on Bills of Exchange and Cash Flow, Explained Debt Amount

With today’s decision, the Commercial Court expanded the list of associated and subsidiary companies by approximately 20 more in which Agrokor or its associated companies hold at least a 25 percent stake.

Among them are, for example, A.N.P. Energija, Zagreb Plakat, Vinarija Novigrad, Karisma Hotels Adriatics, and its associated companies, such as Hotels Kololočep or Hotels Živogošće, etc.

Namely, as explained in the decision, the extraordinary commissioner of Agrokor informed the Commercial Court that upon reviewing the documentation subsequently, after the initiation of extraordinary administration proceedings, it was determined that there are Agrokor companies that meet the conditions set forth in the Law on Extraordinary Administration Proceedings, which were not listed in the original debtor’s proposal submitted by the former management of the group.

These are companies in which Agrokor holds at least a 25 percent stake, and the Commercial Court was proposed to supplement the decisions from April 10 regarding the initiation of extraordinary administration proceedings and the prohibition of initiating proceedings and cessation of execution of payment bases concerning the additionally newly listed subsidiary and associated companies of Agrokor.