The asset transfer process of AVRAMAR to the Canadian multinational Cooke Inc. has entered a decisive phase, shifting the focus from commercial expansion to complex technical and financial execution.
Following the ratification of the Memorandum of Understanding (MoU) signed last March with Greece’s principal creditor banks —Piraeus Bank, Alpha Bank, Eurobank, and the National Bank of Greece— Cooke has established itself as the sole candidate to assume control of the business.
This exclusive position has been further reinforced by the lack of competitive alternative bids following the withdrawal of the Aqua Bridge group, positioning the current agreement as the definitive outcome for the aquaculture giant.
Despite the solidity of the agreement, the transaction is currently in a period of technical transition prior to the final legal closing. During this stage, legal and financial teams are working on the completion of due diligence and the drafting of detailed contracts with the lenders.
According to reports from the Greek financial press, such as Naftemporiki, Cooke’s entry is structured as a strategic restructuring of financially stressed assets, where the core of the operation lies in the acquisition of the credit facilities of the operating subsidiaries: Avramar Aquaculture, Andromeda, Perseus, and Avramar Commercial and Logistics.
In financial terms, industry data indicates that Cooke will acquire this debt —nominally valued at approximately €410 million— for an amount close to €200 million.
This figure, cited by various Hellenic media outlets and analysts, would imply a write-off exceeding 50%, allowing for a profound rebalancing of the group’s capital structure to ensure its long-term viability.
While Cooke has already made significant progress in integrating assets located in Spain —where it plans to unify operations with its subsidiary Culmarex to create a group with sales exceeding €300 million— the current priority for the banks is to ensure the stability of the production hub in Greece.
Currently, the process remains subject only to the final signing of documentation and the judicial validation of the restructuring plan by the Athens courts.
With this move, AVRAMAR begins a stabilization phase that will not only define its own future as the largest producer of sea bass and sea bream in the Mediterranean but will also establish new benchmarks for risk management and financial resilience in contemporary European aquaculture.
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