Creditors approve deal to save Croatia's biggest company
ZAGREB, Croatia (AP) - The creditors of Croatian retail and food company Agrokor have voted to approve a settlement deal that includes giving two Russian banks a more than 46-percent share in the country's biggest firm.
The vote by some 450 creditor representatives in favor of the deal was held Wednesday in a sports hall in Zagreb. Some 80 percent voted in favor of the deal that avoids bankruptcy for Agrokor, the largest company in the Balkans with 60,000 employees.
The company, which accounts for 15 percent of EU-member Croatia's GDP, collapsed under the weight of 8 billion euros ($9 billion) in debt, including a disputed sum owed to two Russian state-run banks, Sberbank and VTB.