March 31, 2017 / 1:42 PM / 6 months ago

CORRECTED-Croatia's Agrokor and creditors to sign standstill agreement

(Corrects in para 2 to say the Croatian, not Serbian, units of Austria’s Erste Bank and Raiffeisenbank)

ZAGREB, March 31 (Reuters) - Croatia’s indebted food group Agrokor and a board of creditors agreed “in principle” key elements of a standstill agreement which is expected to be signed later on Friday, Erste Bank said in a statement.

The creditors include Russia’s Sberbank and VTB Bank and the Croatian units of Austria’s Erste Bank and Raiffeisenbank as well as Privredna Banka Zagreb, owned by Italy’s Intesa Sanpaolo, and Zagrebacka banka, owned by Italy’s UniCredit.

“The standstill agreement should ease Agrokor’s efforts to resolve its liquidity problems, secure continuation of its business, protect the value of the concern and lay the foundation for sustainable restructuring,” the statement said. (Reporting by Igor Ilic; Editing by Susan Fenton)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below