October 26, 2018 / 1:17 PM / 19 days ago

Croatia's court approves Agrokor's debt settlement deal

ZAGREB, Oct 26 (Reuters) - Croatia’s High Commercial Court on Friday approved a settlement deal for the indebted Croatian food producer and retailer Agrokor that includes a debt-to-equity swap and some loan write-offs, the company said.

Under the deal, Agrokor’s biggest single creditor, Russia’s Sberbank will become the largest shareholder with a 39.2 percent stake. Bondholders will own 25 percent, local Croatian banks 15.3 percent and Russia’s second largest bank VTB will end up with a 7.5 percent stake.

Agrokor, the largest firm in the Balkans with 52,000 staff, was put under state-run administration in April 2017, crippled by debts built up during an ambitious expansion drive. (Reporting by Maja Zuvela; editing by David Evans)

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