PM: Goverment's assessments and plans corresponded very much to the plans and recommendations given to Agrokor

Prime Minister Andrej Plenkovic and the private Agrokor Group's Chief Restructuring Officer Antonio Alvarez III underscored at a joint news conference on Wednesday evening that it was essential to restore creditors', suppliers' and consumers' confidence in that food and retail concern.

"I believe that that is the most important message to the Croatian public, media and all actors in this situation - it is most important at this moment to send, by a legislative framework and by signals to potential creditors, a message of trust, a message of restructuring and a message of the long-term sustainability of Agrokor's business operations as well as a message of stability of the Croatian economy," the PM said at the news conference after he received Alvarez for talks on the ailing concern which employs 60,000 people.

PM Plenkovic also called for the patience of all involved in the current situation and expressed hope that his meeting with Alvarez would contribute to the overall stabilisation of the situation in connection with the debt-laden Agrokor.

The premier said that the meeting had shown that the government's assessments and plans corresponded very much to the plans and recommendations which the Chief Restructuring Officer had given to Agrokor.

"If fresh capital is injected (in the concern) in the coming period, the group's business operations will be brought back to normal, payments will be made to its suppliers, which will facilitate the unblocking of the group... and all of that would restore trust. If that happens, in parallel with the appropriate restructuring, there is a possibility that the planned law  will not have to be enforced," Plenkovic said in response to reporters' questions.

Alvarez, who took over the duty of the Chief Restructuring Officer (CRO) in Agrokor on Wednesday, said that the situation in the concern was one of the most demanding he and his team had so far encountered.

He said that his main task would be to ensure the liquidity of the group that struggled with tight cash flows.

Alvarez declined to comment in detail on what he and his team would be doing, saying only that he had his hands free.

When asked by a reporter who was now in charge of Agrokor, he or the owner of the group, Ivica Todoric, CRO Alvarez said that when it came to restructuring, "I am in charge", and explained that he was holding talks with all stakeholders.

I would not talk about details of the financing, I can only say that we have made some headway and negotiations are underway, Alvarez said, adding that earlier in the day he had met with Agrokor's key suppliers.

Asked by the press about the government-sponsored bill on emergency receivership in systemically important companies, Alvarez said that legal experts had briefed him about the basic principles of the law and that such laws existed in other countries.

Text: Hina

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