An additional financial injection will stabilise the situation of Agrokor's current liquidity in the expectation of "the peak season" and Sberbank, together with VTB and other key creditors, is working on the solution of that problems, the Russian state-owned bank told Hina Monday.
Regardless of the operational difficulties that Agrokor is facing and possible current restrictions, Sberbank will continue to financially support the Croatian food concern in order to stabilise its current business activities, Sberbank said.
A meeting was held between Russia's Sberbank, one of Agrokor's major creditors, and other major Agrokor creditors on the situation in this private food and retail concern. They agreed to draw up a liquidity plan for Agrokor for the next three months. The plan should be harmonised by Tuesday, Sberbank said.
It is estimated that, through the Sberbank and VTB banks, the Russian state holds 1.3 billion euros of Agrokor's total debt that stands at 3.4 billion euros.
After the pressing issue of Agrokor's liquidity is resolved, we will be ready to consider the continuation of a possible long-term restructuring of the concern, Sberbank said.
The bank however reiterated it does not want to manage Agrokor or be its owner.