April 7, 2017 / 1:32 PM / 3 months ago

Croatia's indebted food group Agrokor wants state to step in

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ZAGREB, April 7 (Reuters) - Croatia's indebted food group Agrokor, which is the country's biggest local private firm, said on Friday it had asked the government to activated an emergency law introduced this week to deal with big companies in trouble.

"I believe it is a decision taken in best interest of every employee, partner, supplier and all other stakeholders," Agrokor's owner Ivica Todoric said in a statement calling for the activation of the law.

Agrokor, the biggest employer in the Balkan region with some 60,000 people, piled up debts worth some 45 billion kuna ($6.42 billion), or six times its equity, due to rapid expansion of its business, most notably in Croatia, Slovenia, Bosnia and Serbia. ($1 = 7.0129 kuna) (Reporting by Igor Ilic. Editing by Jane Merriman)

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