Member banks of the coordinating committee of financial creditors and representatives of the Agrokor food company have in principle agreed on key elements of a standstill agreement, which is expected to be signed later today, announcing changes in the company's management team, Erste Bank said in a statement on Friday afternoon.
The aim of the agreement is to facilitate the company's efforts to stabilise its business and ensure settlement of matured liabilities towards suppliers in the time ahead. The standstill should facilitate the company's efforts at resolving the issue of liquidity, ensuring the continuation of operation, protecting the company's value and presenting the basis for its sustainable restructuring, the statement said.
It said that successful stabilisation required coordination of all key stakeholders in supporting together a long-term and sustainable business model.
The statement announced changes to Agrokor's management team.
It has been agreed with the company that its management team will be reinforced by creating the post of Chief Restructuring Officer as the key person for the implementation of the stabilisation programme. During the restructuring process the top management posts will be filled by independent experts to conduct a transparent and sustainable process of restructuring, the statement concluded.
The coordinating committee comprises Erste Bank, Privredna Banka Zagreb, Raiffeisenbank Austria, Sberbank, VTB Bank (Austria) AG and Zagrebacka Banka.