The lending banks have reportedly proceeded with the decision to authorize the board of directors of Avramar to initiate the necessary actions for its operational resolution process, making use of the powers granted to them by the activation of the acceleration clause.
According to information from “N”, the banks’ expectations for a consensual solution to the rescue of Avramar have reportedly “fallen on the rocks” as the main shareholder Amerra continues to maintain an intransigent stance, refusing to sign the Sales and Purchase Agreement (SPA), which the lenders and the preferred investor Aqua Bridge have signed since early July.
Ηaving shown great tolerance, the banks convened a general meeting on July 17, a right they acquired by activating the acceleration clause, appointing a new board of directors for Avramar.
Although the composition of the new board has not changed, this move by the lenders indicates their willingness to take a more active role in the management of the company.
The decision of the banks at the general meeting, according to information, was to authorize the board to initiate the necessary steps to promote the ongoing reorganization process for Avramar.
This development further weakens the flexibility of Amerra, which in recent months appears to be constantly creating obstacles in the sale of Avramar while intensifying the “conflict” in the relationship between banks and the main shareholder.
Amerra’s stance
The market is talking about Amerra’s “provocative” stance towards the preferred investor. In fact, Amerra executives, in an effort to weaken Aqua Bridge’s choice, have reportedly spread the rumor that the group’s founder and CEO, Mr Mohammad Tabish, had resigned. However, the Indian head of Aqua Bridge reportedly expressed his willingness to meet them in person even the next day, completely denying this rumor.
Amerra has also reportedly taken unilateral steps, for example by making presentations of Avramar to alleged interested prospective investors, in an effort to find an ally to retain ownership of the company and convince the banks that there is no need to change its ownership status.
What is it seeking?
Amerra’s reactions are notable, given the information that states that in the context of the signing of the agreement for interim financing with the banks in 2023, the main shareholder had committed to starting the sale procedures for Avramar, hence the competition to identify a preferred investor.
Possibly, Amerra’s attitude seeks to exhaust Aqua Bridge’s endurance and patience so that it withdraws from the claim of Avramar. At the same time, while the sale process is delayed, Amerra enjoys a high management fee.
In any case, the banks appear to have decided to escalate the pressure on Amerra and, above all, to clear out the situation so that the agreement to transfer it to Aqua Bridge can be completed.
