Fortenova Group officially started operations yesterday, successfully concluding the implementation of Agrokor’s creditors agreement, ie the financial and ownership restructuring plan of the company that two years ago found itself facing bankruptcy because of the impossibility of settling liabilities.
Following the application of the Law on Extraordinary Management Procedure in Enterprises of Systemic Importance for the Republic of Croatia, the procedure of extraordinary administration was launched for Agrokor on April 10, 2017. Through the process, the operations of all companies in the system were stabilized and improved, as well as among suppliers and business partners.
Following the successful conclusion of the creditors negotiations, an agreement was reached that became effective in October 2018, and on April 1, 2019, the business unit was transferred from Agrokor to the Fortenova Group. During this weekend, a number of extremely demanding operations have been successfully implemented in Agrokor’s operating companies, thanks to which all of these companies will operate smoothly going forward, some of them under new names, in the framework and owned by the new group.
The new roof company Fortenova Group restarted with a new visual identity as well (www.fortenovagrupa.hr).
While the name of Fortenova Group represents the new strength with which the company wants to build new, healthy relationships and bring new value to its employees, shareholders and customers as well as all other stakeholders, the colours and logo of the Group suggest key elements of that new force.
The first source of inspiration for the new visual identity was the fact that Fortenova Group consists of over one hundred and fifty both very large and small companies – in any case, smaller entities – and that only their joint, coordinated action leads to the goal – establishing healthy relationships that ensure long-term sustainable business and growth going forward.
Based on this, the organic forms that make the logo in the form of a stylized letter “F” imply that only the pieces of the puzzle, carefully placed in the bigger picture, give the Fortenova Group a true meaning as a whole. The colour palette is based on the spectrum of natural shades, which is in direct relation to the core activities of the Fortenova Group – production, processing and sale of food.
“Our responsibility in the entire process of Extraordinary Administration was extremely high, and this was also the case in this last phase of Settlement Implementation and transfer of assets from the old to the new company. We are extremely proud of the demanding transformation of the entire company that has taken place without problems and business delays, in accordance with the agreement among the creditors. The Settlement Plan redesigned the capital structure and corporate governance, and set up a different management model, in order for the new Fortenova Group to have a much healthier precondition for successful business and growth than was the case with the company that was under the Extraordinary Administration. Like every business in the market conditions, our company will face challenges too, but we all have enough knowledge and experience to deal with them, “commented Fabris Peruško, Agrokor’s Extraordinary Commissioner and soon a member of the Board of Directors and Chief Executive Officer of Fortenova Group.
“With the new name and face of the Fortenova Group we show a modern look of the company that start its market life cycle today. The change through which we have gone through during the Extraordinary Administration process is radical and will bring a number of positive results to the new company. We will try to manage our business so that we can be the leader of all the positive trends, but in a way that is sustainable in the long-term and socially acceptable, “said Irena Weber, Agrokor’s Deputy Commissioner and soon Deputy Chief Executive Officer and Chief Operating Officer of the Fortenova Group.
