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Creditors agree standstill arrangement with Agrokor - Sberbank source
March 31, 2017 / 1:57 PM / 8 months ago

Creditors agree standstill arrangement with Agrokor - Sberbank source

MOSCOW, March 31 (Reuters) - Creditor banks of indebted Agrokor have agreed a “standstill arrangement” with the Croatian firm which should allow it to stabilise its business operations, a source in Russian bank Sberbank said on Friday.

The Sberbank source said the arrangement should help resolve Agrokor’s liquidity requirements and it could involve potential additional financing of around 300 million euros ($320.55 million).

The source added that top management roles at Agrokor would be replaced with “independent professionals” as part of restructuring efforts.

$1 = 0.9359 euros Reporting by Oksana Kobzeva; Writing by Alexander Winning; Editing by Jack Stubbs

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