Croatia to Submit Law on Corporate Failures to Parliament on Friday

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Croatia prepared on Friday to rush through new legislation to protect the economy from big corporate failures, as the country‘s biggest private company Agrokor tried to secure a debt restructuring deal, the Stock Daily Dish reported. Some local media reported on Friday that Agrokor had signed a deal with creditors overnight to restructure its debt, but the company declined comment and there was no confirmation from its creditors. The food producer and retailer, the biggest employer in the Balkans, built up debts of about 45 billion kuna ($6.5 bln), or six times its equity, as it expanded rapidly. The government has drawn up a new law which it hopes will prevent corporate financial problems from destabilising the wider economy and financial system. “We‘re finalising the details and the government will send the law today for parliamentary approval,” Prime Minister Andrej Plenkovic said on Friday. Read more