No guarantees for saving Agrokor – New management wants to save jobs

Chief Restructuring Officer of Agrokor, Antonio M. Alvarez III, says that the situation in Agrokor is one of the most serious he's met in his business career and that there are no guarantees that the restructuring will succeed.

– The company has just agreed to appoint me as the chief restructuring officer in order to try to create stability and bring together a diverse group of stakeholders, employees, creditors, banks – because time is of the essence. The situation is pretty acute, there is no guarantee we will succeed. I have faced quite a number of challenging situations, but this is a very challenging situation – Alvarez said.

– We will make public statements and provide overview of the progress – Alvarez promised.

He added that the first task was to secure current stability and that there was a lot of pressure on the team of experts he had assembled for the purpose.

– I cannot promise anything. Whether we will need to shave off some parts to save the group, it is too early to say, but in my last case, we managed to preserve all jobs. There is a business here, an operating business that needs to be protected. There is a loss of confidence by key stakeholders – Alvarez said.

Having repeated that he was appointed by the company, he nevertheless underlined that he was an independent expert, as were the members of his team.

– I am here to maximize value for all the stakeholders, to keep the group together. I have got a track record of having preserved and saved lots of jobs, having preserved supplier relationships – he said.

Fortenova grupa d.d.

Agrokor

Antonio Alvarez III

restructuring Agrokora

Agrokor operations