Sberbank announced on Thursday that it has asked the Commercial Court in Zagreb to forbid the Government Administrator of Agrokor, Mr Ramljak, to arrange new financing contract on roll-up basis. The bank announced on 07 June that it had submitted a request for injunction to the court, because this model would allow new creditors “super-seniority” for their claims dated before 10 April this year.

The bank believes “this model is not supported by the Croatian legislation and is contrary to Lex Agrokor, and its implementation would lead to disposal of Agrokor property in a manner detrimental to other creditors and participants, including the Republic of Croatia.”

Sberbank added that it wishes, “in spite of current challenging circumstances, to ensure that the special administration in Agrokor is conducted in full accordance with the law and to the maximum benefit of all parties involved.”