Antonio Alvarez III, head of Europe at Alvarez & Marsal and recently appointed acting chief restructuring officer (CRO) at Agrokor, has announced the ongoing support of the banks for the business.
This support, Alvarez said, was given on condition of the funds being given priority status on a brand new law just passed through the Croatian parliament that deals with the extraordinary administration of companies with systemic importance.
Alvarez gave his statement after a meeting with the coordinating committee lead by banks including Erste, Banca Intesa, Raiffeisen, Sberbank, Unicredit and VTB Bank. He described the meeting as "constructive".
“We are working closely with officials towards our objectives of saving jobs, preserving supplier relationships and securing the firm’s financial position for the future [...] They [the banks] continue to support the operational continuation of the group and all of the efforts particularly of its employees and suppliers during this period of high uncertainty."
Alvarez also stated that this commitment from the creditors was subject to the final credit committee approvals of the individual institutions.
"They, along with their advisors, are working very closely with my team and advisors round the clock, and the company is continuing to consider all available options", he concluded.
Read more of our recent stories on Agrokor's restructuring: Senior Executives Replaced and Agrokor Brings In Alvarez & Marsal.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Gavin Ryan. Click subscribe to sign up to ESM: The European Supermarket Magazine.
