The Croatian Government has appointed Ante Ramljak as receiver at food-to-retail consortium Agrokor.
This follows the request of Agrokor's management for the activation of the Law on Emergency Receivership in Systemically Important Companies.
The Zagreb Commercial Court endorsed Ramljak's appointment and issued a moratorium on the instigation of claims, suits or administrative proceedings against Agrokor Group and its 24 companies.
According to a statement from Agrokor, following a number of meetings with employees, partners, suppliers and creditors, the company is now on the path towards full stabilisation and normalisation of business operations.
Commenting on his appointment, Ramljak highlighted the first positive effects of the Law, which saw the unblocking of certain company accounts.
According to him, the company faces its biggest challenge in its home market of Croatia, while the businesses in Slovenia, Bosnia and Herzegovina and Serbia are functioning normally. However, Ramljak added that the situation in Croatia is now quickly being resolved, and the first priority is to ensure funds necessary for liquidity to pay salaries to all employees.
He also announced that Agrokor is working on securing liquidity to service its supplier debts and to ensure regular payments for all newly-delivered goods and services, in accordance with contractual obligations.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
