Audit reveals $3bn black hole at Croatia’s Agrokor

By Bianca Boorer
10 Oct 2017

Moody's expects Agrokor's creditors to recover at the low end of the 35% to 65% range on average, and that unsecured bondholders will get less than 35% of what they are owed.

Moody's was reacting to the defaulting Croatian food conglomerate's release on Monday of its audited accounts for 2016, which reveal a string of financial mis-statements going back to 2010.

The total impairment for the period December 31, 2014 to December 31, 2016 is reckoned at K21.7bn ($3.4bn) ...

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