Agrokor(king) Success: Scheme Of Arrangement Sanctioned By English Court
A cross-practice team led by partner Tom Astle has advised a syndicate of c.75 lenders under a bespoke 1.06bn super priority loan to distressed Croatian food producing and retail giant Agrokor (the SPFA) on an English law scheme of arrangement proposed by the company. The scheme of arrangement was approved by 97.92% in number of the lenders under the SPFA, representing 99.99% in value of scheme claims, at the creditors' meeting earlier this week, and was sanctioned by Mr Justice Fancourt this morning.
The scheme is seen as a crucial step in Agrokor's preparations for successful implementation of its restructuring settlement plan, which was approved by its creditors in June last year. The restructuring regime in Croatia was adopted, based on Italian restructuring laws, specifically for the purpose of restructuring this business. The business operates across Croatia, Bosnia, Serbia and Slovenia although we structured the SPFA under English law. Under the settlement plan, the group will compromise a significant portion of its c.6bn of debt by way of a debt for equity swap, resulting in creditors owning shares in a new Dutch and Croatian holdco structure, which will in turn hold shares in the new operating group. A condition precedent to implementation of the settlement plan is the amendment and restatement of the SPFA to novate it to the new group at the point of implementation, transitioning from Debtor in Possession (DIP) financing to a solvent first lien...
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