July 4, 2018 / 1:16 PM / a year ago

Creditors approve Agrokor debt settlement deal

ZAGREB, July 4 (Reuters) - The creditors of Croatia’s indebted food producer and retailer Agrokor passed on Wednesday a debt settlement deal that includes debt-to-equity swap and some loan write-offs to avert bankruptcy.

Holders of 80 percent of the 33.8 billion kuna ($5.32 billion) debt, including Russia’s Sberbank, voted in favour of the deal that will put the company in hands of creditors and bondholders. The vote took place in the Commercial court premises in Zagreb.

Agrokor, the largest private company in the Balkans with 60,000 staff, was put under state-run administration in April 2017, crippled by debts built up during an ambitious expansion drive..

$1 = 6.3526 kuna Reporting by Igor Ilic; Editing by Ivana Sekularac and Louise Heavens

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