Sberbank files lawsuit against Agrokor

Sberbank Russia has filed a proposal with the Commercial Court in Zagreb to prohibit Agrokor d.d. and the extraordinary administrator from entering into new financing agreements that include the roll-up model, the bank announced, reports Patria News Agency. 

It was emphasized that the roll-up model allows new creditors to recognize so-called super senior rights for their claims arising before April 10, 2017.

- We believe that such a model is not supported by Croatian regulations and that it is contrary to Lex Agrokor, and that its implementation will result in the disposal of Agrokor company's assets to the detriment of other creditors and stakeholders, including the Republic of Croatia - the statement said.

The bank states that their desire is to ensure that the extraordinary administration procedure in Agrokor d.d. is carried out in full compliance with the law and for the greatest possible benefit of all parties involved.