FINAL COUNTDOWN

Is Cooke Inc. the “white knight” who could save AVRAMAR Greece from liquidation?

Athens, Greece, 7 August 2025 | Creditor banks activated the debt-acceleration clause demanding immediate repayment of loans totaling more than €400 million

Granja de acuicultura en Grecia

The sale of AVRAMAR Greece remains stalled after majority shareholder Amerra Capital refused to sign the share purchase agreement with Emirati fund Aqua Bridge Group. The impasse prompted the creditor banks to activate pressure measures that could lead to litigation or insolvency of the company’s Greek arm.

Anything could happen in the coming hour after, on 16 July, creditor banks – Piraeus, Alpha Bank, Eurobank and National Bank of Greece-triggered the debt-acceleration clause, demanding immediate repayment of loans totaling more than €400 million. This move risks enforcement of security and forced seizure of equity if Amerra fails to satisfy its obligations in the next few days.

Since 31 July there have been several notable developments. On Monday 4 August, AVRAMAR’s board-appointed following an extraordinary meeting convened by the banks-decided not to renew the contract of its CEO, Amerra Capital’s representative, whose mandate had expired that very day. As informed by Eur2Day the aim was “to secure the sale to the preferred investor (Aqua Bridge) and undertake all necessary actions for a rescue plan that ensures AVRAMAR’s viability and future growth.”

In an unexpected twist, Canadian firm Cooke Aquaculture has emerged as a potential “white knight”. According to Euro2Day its offer involves purchasing AVRAMAR Greece’s debt at €0.21 per euro of nominal value-up from the initial €0.18-amounting to roughly €84 million against debts nearing €400 million. Unlike Aqua Bridge’s long-term payment plan, Cooke pledges to pay the full amount by 31 December 2025, and would not be subject to the opposition Amerra has shown towards the Emirati investor.

Despite Cooke’s bid, the banks remain in advanced talks with Aqua Bridge. According to multiple sources, a memorandum of understanding setting out the final terms of the preferred investment-including penalty clauses for withdrawal by either party-is expected to be signed in the coming days.

With Amerra still withholding its signature on the SPA and no exclusivity to bar third-party bidders, the outcome of this sandoff hinges on the actions of the next few days. Should Amerra relent, Aqua Bridge will assume control of Greece’s largest aquaculture firm; if not, the creditors may accept Cooke’s offer or take the matter to court, with potentially grave consequences for AVRAMAR Greece’s future.

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