The EUR 75.5m was transferred by Croatian buyer Agrokor directly to Laško group's creditor banks on Friday, he added.

Zorko addressed the press after the management presented to Pivovarna Laško owners a deal signed with 18 creditor banks in April that suspends the repayment of loans until the end of 2016.

The deal also includes a recapitalisation in mid 2015, the plan for which was also presented to the AGM today. Zorko said that the highest bidder and one appropriate "by all criteria" will be chosen.

"I am certain that the group will be able to find an appropriate candidate for recapitalisation, considering its operations and its integration in the international environment and the domestic market," Zorko said.

The management will make a shortlist of potential investors that will be presented to the shareholders. The recapitalisation requires a two-thirds majority at the AGM.

The CEO therefore hopes that the next AGM would be called by the end of the year. He added that the selected investor will be required to acquire 33% in the company and will also have to make an offer to buy the stakes of the remaining owners.

Zorko believes that this scenario will enable the group to repay its entire debt. The banks will get their money, small shareholders will be able to decide what to do with their stakes and the group will be able to survive and grow, he said.

Zorko did not wish to speak about concrete figures. The group is meanwhile selling beverage maker Radenska and has recently sold Kosovo brewery Birra Peja. The group is moreover trying to sell newspaper publishers Delo and Večer.

The shareholders representing 81.8% of capital also approved today a discharge of liability for the management in 2013. Bad bank executive director Janez Škrubej was appointed supervisor (the bad bank holds 23.54% in the company) until September 2017.