Studenac faces 37.7 million euro creditor claims

Jamnica Plus is the largest claimant among the 10 biggest suppliers, with 10.15 million euros listed in its filing, followed by other major names in Croatian food and consumer goods distribution including Orbico, Vindija, Dukat, PIK Vrbovec, Fibis, Zvijezda Plus, Franck, Zagrebačke pekare Klara and Tisak. The filing does not mean the amounts are all undisputed; Studenac now has until the end of the review period to say what it recognizes.

For Croatia’s consumer sector, the case underscores how quickly working-capital strain can spread through a grocery chain that sits between domestic suppliers, banks and public creditors. Studenac’s ability to keep shelves stocked depends on restoring supplier confidence, and the company says it has already renegotiated terms with large and local vendors to normalize deliveries and improve product availability.

That is economically relevant beyond one retailer. If Studenac’s restructuring holds, suppliers preserve a major customer and the government avoids a messy failure at a chain deeply embedded in local food distribution. If it fails, more claims could be contested, deliveries could tighten again and creditors may face larger losses.

Studenac says the measures already taken since Teo Vujčić became chief executive in early October should generate more than 40 million euros of annual savings in 2027, giving it room to stabilize operations and negotiate with creditors. The company’s court hearing on the claims is scheduled for Feb. 10, with a restructuring vote expected in the spring.

Investors will watch whether that cost-cutting plan is enough to offset the pressure that comes with creditor scrutiny, especially as the retailer tries to prove that recent improvements in store availability are durable and not just a temporary reprieve.