Agrokor becomes Fortenova Group after restructuring
10 april 2019
Houthoff acted as Dutch counsel in connection with preparing and implementing a settlement plan for the Agrokor group. Agrokor entered into an insolvency process in 2017 under 'Lex Agrokor', a law passed in Croatia aimed at restructuring Agrokor in view of its systemic importance for the Croatian economy. Agrokor's restructuring was the largest in Europe and the restructuring under the new law is the first of its kind.
Agrokor’s approximately €6.5bn annual sales are equivalent to about 15% of Croatia’s GDP. Pursuant to the settlement plan, the business comprises a portfolio of 159 companies and more than 100 brands that were transferred to the Fortenova Group on 1 April 2019. The holding structure of the Fortenova Group comprises three legal entities based in the Netherlands. Under the settlement plan, the claims of Agrokor's pre-petition creditors have been assigned to the Fortenova Group, in consideration of equity in the form of depositary receipts issued by a Dutch foundation (stichting administratiekantoor) and convertible bonds issued by the top Dutch holding company of the Fortenova Group.