Tycoon Said on Brink of Losing Control of Balkan Retailer
- Agrokor’s creditors said to seek control for rescue loans
- Sberbank is in talks to lend up to 300 million euros
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Ivica Todoric is on the brink of losing control of the Croatian retailer he founded as a condition of Agrokor d.d.’s rescue, according to people familiar with the matter.
Sberbank PJSC wants Todoric to cede control to creditors during restructuring negotiations, said the people, who asked not to be identified because the talks are private. The Russian bank, Agrokor’s largest creditor, is leading discussions with other debt holders to overhaul the company’s management in exchange for refinancing and securing continued operations, the people said. Talks are ongoing and the ownership structure hasn’t been finalized.