ZAGREB, Feb. 28 (Xinhua) -- Fortenova Group is the new name of Croatia's troubled retail giant Agrokor, the company's interim creditors' council announced on Thursday.
The management of the company that is currently run by the state-appointed Emergency Administration will be transferred to the new management that will restart operation on April 1, when the implementation of the settlement agreement between Agrokor creditors will officially start.
Fabris Perusko who was appointed as "extraordinary" manager in February 2018, will remain the CEO of the new company, Fortenova Group.
Agrokor is the biggest private company in Croatia and the largest food producer and retailer in the Balkans. It was hit by a debt crisis in 2017. The Croatian government interfered with a special law that created a condition for the state to take over the management of the company.
In June 2018, Agrokor creditors approved a settlement plan that restructured the ownership of the company. Russian Sberbank is now the biggest shareholder with 39 percent of the company, bondholders own 25 percent, Croatian banks 15.3 percent, Russian VTB Bank 7.5 percent, while the rest is owned by the U.S. fund Knighthead, other creditors and suppliers.
Perusko said on Thursday that by the implementation of the settlement agreement, the rescue of the company that was on the brink of collapse was completed.
"When we took over extraordinary management exactly one year ago, many thought that the settlement would not be reached on time. Despite everything, we made it. More than 50,000 jobs have been saved and the company's business is improved," Perusko said.
