Agrokor

Agrokor d.d. was a Croatian conglomerate involved primarily in food retail, food production, and agriculture. Founded in 1976 by Ivica Todorić as a flower production business, it rapidly expanded in the 1990s and 2000s to become the largest privately held company in the former Yugoslavia. Its subsidiaries included well-known brands such as Konzum (retail), Jamnica (mineral water), Ledo (ice cream), and PIK Vrbovec (meat products).

Agrokor’s rapid growth was fueled by acquisitions, often financed with significant debt. This debt burden eventually became unsustainable, leading to a severe liquidity crisis in early 2017. The crisis threatened the stability of the Croatian economy and had ripple effects throughout the region.

In April 2017, the Croatian government intervened by enacting a special law, colloquially known as "Lex Agrokor," designed to restructure the company and prevent its collapse. The law allowed for the appointment of a government-appointed Extraordinary Commissioner to manage Agrokor and oversee its debt restructuring process. Ante Ramljak was the first Extraordinary Commissioner.

The restructuring process was complex and involved negotiations with numerous creditors, including banks, bondholders, and suppliers. Ultimately, a settlement plan was reached in 2018, resulting in a significant debt write-down and a transfer of ownership to a new holding company, Fortenova Group.

Fortenova Group assumed control of Agrokor's core businesses in April 2019, effectively marking the end of the Agrokor era. While the Agrokor name ceased to exist as a unified entity, its former subsidiaries continue to operate under the Fortenova Group umbrella. The Agrokor case remains a significant example of corporate governance challenges, debt management issues, and government intervention in the economy. The legal and financial complexities surrounding the collapse and restructuring are still subject to ongoing scrutiny and debate.