April 2, 2017 / 5:12 PM / 4 months ago

Indebted Croatia's food concern signs standstill agreement

ZAGREB, April 2 (Reuters) - Indebted Croatian food concern Agrokor has signed a standstill agreement in an effort to stabilise its business, the company's spokeswoman said on Sunday.

On Friday, a group of creditors, involving two top Russian banks and Croatian units of banks from Austria and Italy, said that they had agreed with Agrokor in principle on the main elements of a standstill agreement.

"Agrokor has signed the agreement," the spokeswoman said but declined to go into details.

Agrokor, the largest private firm in Croatia and the biggest employer in the Balkans with around 60,000 workers, built up debts of about 45 billion kuna ($6.44 billion), or six times its equity, as it expanded rapidly. ($1 = 6.9841 kuna) (Reporting by Igor Ilic; editing by Ralph Boulton)

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