COMPANY

Amerra Capital could pursue legal action as Avramar restructuring faces new uncertainty

Greece, 13 August 2025 |

Granja acuicultura mar Egeo

The restructuring of AVRAMAR Greece, the largest producer of gilthead seabream and European seabass in the European Union, has taken a decisive turn as its main shareholder, Amerra Capital, prepares formal legal action against the company’s governing bodies and the ongoing recovery process, according to Euro2Day, a Greek business news outlet.

According the cited journal, Amerra is challenging three key developments: the non-renewal of the Group CEO’s contract-which the shareholder deems “illegal” and contrary to shareholder interests- the conduct of the Board of Directors, accused of falling to represent shareholder interest, and the restructuring process itself, which Amerra claims is marred by irregularities and lack of due process.

This represents a significant escalation from previous months, where the dispute between the company’s main shareholder and its lenders had remained largely within the realm of delayed negotiations and strategic disagreements.

From consolidation promise to financial distress

AVRAMAR Greece was formed in 2020 through the merge of Greece’s largest aquaculture companies under the investment umbrella of Amerra Capital Management, based in New York, and Mubadala Investment Company, Abu Dhabi. The plan aimed to deliver economies of scale, a unified brand, and stronger bargaining power in international markets.

However, operational integration challenges, coupled with the impact of the COVID-19 pandemic of the HoReCa sector-which accounted for over 50% of AVRAMAR’s sales – disrupted the strategy.

By spring 2023, burdened with more than €350 million in debt, AVRAMAR declared it could not service its obligations. Mubadala subsequently withdrew from the venture, and lenders agree to provide a €20 million bridge loan, conditional on a change in management and the acceleration of restructuring efforts. Deloitte Greece was appointed as monitoring officer, operational restructuring adviser, and, later, sales adviser.

Last autumn, Dubai-based Aqua Bridge Group emerged from a formal process as the preferred investor. Its proposal, according to banking sources, includes financing with a nine-year repayment schedule (seven years plus a two-year grace period). However, eight month later, no deal has been finalised.

In recent weeks, Canadian company Cooke Aquaculture has entered the picture, reportedly offering around 21 cent per euro to acquire AVRAMAR Greece’s debt. A binding offer is expected in the first half of September, potentially challenging Aqua Bridge’s position.

Industry sources suggest that finalizing a sales and purchase agreement with Aqua Bridge has been hampered by Amerra’s reluctance to sing off on the deal without compensation – reportedly between €5 million and €20 million-for relinquishing its stake. Lenders have previously set deadlines for this agreement to be concluded, threatening to call in over €100 million in loans if it did not proceed.

The latest legal maneuvers by Amerra signal not only deepening mistrust between shareholders and creditors, but also the possibility of prolonged litigation that could further delay Avramar’s recovery. With two competing investors now in play and legal challenges looming, the future ownership and operational direction of one of Europe’s key aquaculture producers remains uncertain.