Creditors approve deal to save Croatia’s biggest company

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.

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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.

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