The agreement between the banks and Aqua Bridge has reportedly been concluded.
According to “N” sources, the final details have been settled regarding the pending terms of the Avramar sale.
In particular, the information “confirmed” an earlier report by “N” that the CEO of the Arab group Aqua Bridge, Mohammad Tabish, has been in Greece for the last twenty-four hours, holding a meeting with the banks. In the context of the contacts with the banks, all the final details of the agreement have been reportedly finalized, such as the possible amount of the loan impairment or other obligations on the part of the buyer, clauses and schedules, etc., and the final signatures on the draft agreement for the transfer of Avramar were finally signed.
It is noted that this was preceded by the signing, in mid-June, of the Sales and Purchase Agreement between Aqua Bridge executives – the preferred investor that emerged after the completion of the relevant tender procedures last October – and the creditor banks.
Rescue plan
As for the rescue plan, according to the sources, it allegedly includes new capital of around 60 million euros from the investor, while the loan “haircut” is estimated at around 70%, including guarantees for the repayment of the remaining obligations as well as a business plan for the next day of Avramar.
The total liabilities of the largest player in the domestic fish farming sector amounted to 525.34 million euros at the end of 2023 – the financial statements for 2024 have not been published – of which 300 million euros relate to short-term loan obligations.
However, at the current stage, Avramar appears to be operating smoothly at an operational level, maintaining a good cash position, which allows it to cover basic operating expenses, as well as to proceed with repayments to its suppliers.
Reorganization in operation
This latest development ensures that Avramar’s next day will find it under the umbrella of the Aqua Bridge group, however, a prerequisite for this to happen is the completion of the relevant “reorganization in operation” file and its filing with the court of first instance.
As sources following the case emphasized to “N”, “the transfer of Avramar will proceed via judicial process to the extent that the reorganization plan that will be filed is approved. Any major interventions will be evaluated by the judicial authorities, which will examine and decide on what is good for the future of the company.”
Deadline
As “N” has already reported, the deadline for the submission of the file is October 31 – if possible earlier – and to this end, both the legal and financial departments of Avramar have accelerated all the necessary procedures.
In the meantime, Mohammad Tabish, CEO of the Arab group Aqua Bridge, and Dimitris Tountas, technical director of Aqua Bridge, attended the industry conference held at the initiative of the Hellenic Aquaculture Producers’ Organization, a move that carries a special symbolism, given that to the extent that the procedures for the transfer of Avramar are completed, they will be the “key” figures in the future of both the company and the domestic aquaculture industry.
