The submission of Avramar’s reorganization plan has been extended again, as the “big bargain” for the sale of the company continues.
The submission of the reorganization plan – which includes the business plan of Aqua Bridge, which was selected as a preferred investor in October 2024, following an international tender – was initially scheduled for October 31, but was postponed to today.
However, the latest information now places the submission of the reorganization plan to the Athens Court of First Instance in the last ten days of November.
The delay is attributed, according to sources close to the process, to the complexity of the preparation of the files and in particular to legal issues that arose during the review of the relevant draft, as the financial part has reportedly already been approved by the parties involved.
It is noted that if the process is extended beyond November, the financial data will need to be updated (up to September 2025), as is required for any reorganization plan based on data up to three months prior to submission.
In this case, all the data that make up the files relate to the period up to August 2025.
At the same time, however, new developments are also taking place on the “front” of Avarmar’s other contender, the Canadian aquaculture group Cooke, with information indicating that it is expected to submit a third improved offer within the next few days. In fact, based on leaks, Cooke is reportedly even seeking to sign a memorandum of understanding with the creditor banks and Avramar’s main shareholder, Amerra Capital Partners (whose agreement is already considered a given as it is the one that actively supports the Canadian group).
The new offer is expected to come even closer to Aqua Bridge’s proposal and exceed the 120 million euros that Cooke’s second offer made in October provided for.
It is recalled that the total amount of Aqua Bridge’s offer is reportedly close to 150 million euros, with information indicating that it provides for the immediate payment of 20 million euros (note: these relate to the interim financing that was completed in November 2023). At the same time, the proposal reportedly provides for the payment of an additional 15-20 million euros, equally immediately – within two months – while the repayments will be interest-bearing and over a seven-year period. It is recalled that based on the debt restructuring plan signed on September 16, 2025, between the company, the banks and the preferred investor Aqua Bridge, it is envisaged, among other things, a horizontal “haircut” of the bank debt, which will amount to approximately 70%, through the restructuring process.
The information of “N” places the total liabilities of the Avramar group on 31/12/2024 at 580.23 million euros. Short-term liabilities amounted to 546.6 million euros in the same period, of which 340 million euros relate to loan liabilities, as last year the group proceeded to reclassify these loan liabilities into short-term liabilities.
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