ONGOING COVERAGE

Avramar Greece postpones rehabilitation plan submission to 10 November amid ongoing restructuring process

Pescadería en Grecia, dorada en primer plano

The financial restructuring of Avramar Greece, one of the leading producers of gilthead seabream and European seabass in the Mediterranean, has entered a new phase following confirmation that the submission of its rehabilitation plan to the Athens Court of First Instance has been postponed to 10 November, according to the Greek outlet Mononews.

Industry sources cited by Greek media indicate that the delay is linked to the need to align the position of the creditor banks, Amerra Capital Management – the company’s majority shareholder – and the new offer submitted by Canadian Group Cooke Inc. Meanwhile, Aqua Bridge Group remains the preferred investor proposed by the lending banks to lead the company’s recapitalization.

A report published by Euro2Day and written by Alexandra Gkitsi states that Cooke Inc has submitted a revised binding offer to acquire Avramar Greece’s bank debt, increasing its proposal from €97 million to €110 million in cash.

The offer involves the acquisition of the company’s syndicated loans, effectively covering its main credit obligations.

In parallel, the creditor banks – Alpha Bank, Piraeus Bank, Eurobank and the National Bank of Greece – continue to work on the restructuring plan prepared by Aqua Bridge, which foresees a debt reduction of around 70 per cent repayment of the remaining amount over an estimated nine-year period, and a capital injection of €60 million, of which €20 million would be disbursed once the court issues its decision.