ZAGREB, July 4 (Xinhua) -- Creditors of Croatia's largest food retail company Agrokor approved on Wednesday a settlement plan, national news agency HINA reported.
The settlement that restructured the ownership of the debt-ridden company was passed with votes of creditors who have 80.2 percent, or 27.08 billion kuna (4.2 billion U.S. dollars) of total claims.
It was the biggest single court hearing in Croatian history, with some 450 of the creditors representatives. A total of 3,069 creditors had a right to vote, and 66.7 percent of votes were needed for the settlement to be passed.
Judge Nevenka Siladi Rstic said that the court could confirm the settlement deal as soon as Thursday.
Major creditors of Agrokor reached a settlement deal on June 19. According to the deal, Russian banks will hold most shares of the new company. Russian Sberbank will own 39 percent, Russian VTB Bank eight percent, Croatian banks 12 percent, while the rest will be owned by the U.S. fund Knighthead and other creditors and suppliers.
Agrokor is the biggest private company in Croatia and largest food producer and retailer in the Balkans. In 2017, the company was hit by a debt crisis after which Croatian government interfered with the special law that created a condition for the state to take over the management.
