Suppliers and creditors of Agrokor expect the continuation of the extraordinary administration process and negotiations for a settlement, as well as for the Government to propose a new extraordinary commissioner as soon as possible, members of the Temporary Creditor Council emphasized on Monday after a meeting with Prime Minister Andrej Plenković.
“Everyone cried over their fate,” commented Marica Vidaković, the attorney of Kraš and a member of the Temporary Creditor Council, on today’s meeting.
The topic of the meeting was the continuation of the process and negotiations. “What we have all absolutely confirmed in this process is that we are interested in reaching a settlement,” she said.
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She also conveyed that Prime Minister Andrej Plenković told them that he is in the phase of all activities that need to precede the selection of the commissioner and that the name will be known very soon.
Vidaković: I assume they already have a name
Today, she says, no name was mentioned. “I assume they already have a name. I don’t know, but I assume based on the way he communicated with us,” Vidaković responded when asked when the Government might come up with a proposal for a new commissioner.
When asked if there is nervousness among suppliers given that nothing has happened for almost two weeks, Vidaković said she believes that nothing will be gained from nervousness at this moment. “We all need to sit down together and start doing what is a priority, which is actually to negotiate and bring this process to an end,” she conveyed.
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When asked for a comment on media reports that the company Franck approached the Commercial Court requesting more transparency in the extraordinary administration process and complaints that not all suppliers are treated equally, Vidaković, who represents large suppliers of Agrokor in the Temporary Creditor Council, stated that she represented the interests of all suppliers.
“Absolutely everything that happened was communicated at the suppliers’ association or during the coordinations while I was leading them. And all criteria were voted on there and accepted by a majority of votes, and payments were made according to those criteria, whether it was about old payments or criteria for roll-up,” Vidaković said, adding that she would not delve into the reasons of Franck.
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According to media reports, Franck requested more transparency from the Commercial Court, including the publication of eight amendments to the roll-up loan agreement, and also requested minutes from the meetings of the Temporary Creditor Council from the end of December last year and January this year, as well as the appointment of a permanent creditor council.
Matija Brlošić, a representative of small suppliers in the Temporary Creditor Council, also emphasized that the meeting discussed their desire to continue the extraordinary administration process from where it left off.
“As for agriculture, preparations for the spring sowing will begin in eight days, and all agricultural suppliers expect this to be resolved by then,” he said.
Wagner: We care about finding a solution beneficial for all
Thomas Wagner from the Knighthead fund stated that the meeting with the Prime Minister was very constructive.
“We firmly believe in this process and expect its continuation in the coming weeks. In the short term, we expect the appointment of a new extraordinary commissioner. It is important to recognize that this process needs to bring together creditors and suppliers and that they need to work together,” Wagner said.
We are very committed to working together to find a solution that will benefit customers, employees, and the Croatian people, he added.
“We care a lot about finding a solution beneficial for all,” Wagner emphasized.
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He assessed that there is still a lot of work to be done, but that we need to work hard together to ensure that in this process the Croatian people are not harmed in any way and that “not a kuna of public money is spent on solutions to this situation.”
When asked if the rumors that Knighthead sold its stake in Agrokor to a third party are true, he said that is not true and that Knighthead invested its money in Agrokor and remains constructive regarding its future.
Government: Creditors support the continuation of extraordinary administration
Agrokor’s creditors at today’s meeting with Prime Minister Andrej Plenković and his associates supported the continuation of extraordinary administration, the Government announced on Monday after the meeting of Government members and the Temporary Creditor Council of Agrokor and representatives of financial creditors.
The creditors expressed full support for the further continuation of the extraordinary administration process, achieving a settlement, and successfully restructuring the company’s operations, and thanked the Government for its support so far, the statement said.
It is assessed that the implementation of the Law on the process of extraordinary administration in companies of systemic importance in the Republic of Croatia has enabled the continuation of regular operations of Agrokor, as well as other Croatian companies, large and small suppliers, and prevented the destabilization of the Croatian economy and financial system.
Alongside Prime Minister Plenković, the meeting was attended by Deputy Prime Minister Martina Dalić and Minister of the Interior Davor Božinović, as well as representatives of small suppliers Mato Brlošić, representative of large suppliers Marica Vidaković, and representatives of financial institutions Miljenko Živaljić and Claudio Cesario (Unicredito Zagreb Bank), Tom Wagner and Andrew Shannahan (Knighthead), Sergei Volk (Sberbank), Riccardo Orcel and Roman Nagaev (VTB).
