Croatia Names Ramljak as Agrokor's 'Extraordinary Manager'

The Croatian government on Monday named Ante Ramljak, an experienced manager from both the private and public sector, as the extraordinary manager of the troubled private company Agrokor.

Since Agrokor's majority owner, businessman Ivica Todoric, handed the company over to state control on Friday - under the Law on Procedures for Extraordinary Management in Companies of Systematic Significance adopted in parliament last Thursday - the government has moved quickly to name the person who will be responsible for the crisis management of the company in a restructuring process that may last up to 15 months.

Croatia's Commercial Court now has to approve Ramljak's nomination as extraordinary manager and initiate a process during which the company's huge debts - the main source of its woes - are temporarily put on hold.

"Today is the beginning of a systematic, thorough resolution of the crisis and the first phase of the restructuring of Agrokor … It is crucial to bring new [financial] liquidity so that by Easter we ensure the payment of salaries. I thank the suppliers [of the company] for their patience," Prime Minister Andrej Plenkovic said on presenting Ramljak.

"Ramljak has the necessary experience and references. I thought it was particularly important that he is a person who knows the actors of the Croatian economy and knows what the real problems are," the Prime Minister concluded.

"Before us is a very challenging and difficult task. Before us is a battle for Agrokor - a battle for Agrokor's employees, suppliers and creditors," Ramljak told the same press conference.

He said his first priority would be to gain the trust of Agrokor's suppliers and creditors - to whom the company owes over 5 billion euros - as well as normalise the...