Settlement plan of Agrokor d.d. recognized in Switzerland

Lenz & Staehelin advises Agrokor d.d on all matters of Swiss law in connection with its financial restructuring and the settlement plan reached by Agrokor d.d. and its subsidiaires with its creditors in the ongoing extraordinary administration proceedings in Croatia. Agrokor d.d. is the largest privately owned company in Croatia and one of the leading companies in Southeast Europe. The settlement ensures that the operating business of the Agrokor group will continue under a new group structure which will be owned by the creditors of the former Agrokor group. The settlement is generally considered as one of the most complex in Croatia and in Europe due to the complexities of Agrokor as a business and the total amount of the debt as well as the large number of creditors (approximately 5'700).

By order of the Cantonal Court of Zug dated February 8, 2019 which has become final and enforceable, the Croatian settlement plan has been recognized for the territory of Switzerland and the Croatian extraordinary commissioner of Agrokor d.d. has been given full authority to dispose of all assets of Agrokor d.d. which are located in Switzerland in accordance with the terms of the Croatian settlement plan. Earlier in the proceedings, the Cantonal Court of Zug had already recognized for the territory of Switzerland the decision of the Croatian courts to open extraordinary administration proceedings with respect to Agrokor d.d. and had granted broad powers to the Croatian extraordinary commissioner of Agrokor d.d. for assets located in Switzerland.