“Key creditors to Agrokor have unanimously backed a settlement deal for the indebted Croatian food producer and retailer that includes a debt-to-equity swap and some loan write-offs, the company’s crisis manager said.

A local commercial court now has to assess the deal and give its approval. Representatives of the creditors will then meet again and 66.6 percent must support the deal to make it valid. The deadline for that vote is July 10.

Agrokor, the largest company in the Balkans with 60,000 staff, was put under state-run administration in April 2017, crippled by debts built up during an ambitious expansion drive.” (Reuters)