Avramar: The impact of the parent company’s acquisition in Spain

The developments regarding the Avramar reorganization case are rapid. According to recent reports, the Canadians of the Cooke group proceeded to the acquisition of 100% of Avramar Seafood SL, the parent company of the group in Spain to which Avramar Greece also belongs, from Amerra Capital Partners.

This move is in line with the intention of the Canadians to acquire Avramar’s activity in the Iberian Peninsula, a development that will further strengthen their potential in the wider region.

It should be noted that in 2011 Cooke acquired control of Culmarex S.A., the largest sea bass and bream farming company in Spain.

This move may also signal the Canadians’ willingness to activate a plan b, as a measure of additional pressure on the Greek banks to accept the latest offer they submitted for the acquisition of Avramar Greece, which is around 200 million euros.

This second “reading” suggests, however, that the banks may have ultimately ended up selecting the other contender, Aqua Bridge, as the preferred investor, as after the “great bargain” of offers that has been taking place in recent months, the Arab funds have reportedly improved their proposal to 230-240 million euros.

ΔΙΑΒΑΣΤΕ ΕΠΙΣΗΣ

Χρηματιστήρια: Το όνειρο της ΑΙ γίνεται εφιάλτης – Σαρωτικές ρευστοποιήσεις από Wall Street έως Ασία

It is worth noting that with the acquisition of Avramar Seafood, Cooke becomes an indirect shareholder of Avramar Greece, but cannot utilize the company’s shares, given that the management of the company’s shares is the responsibility of the banks based on the relevant agreement with the former main shareholder Amerra Capital in 2023.

Consequently, the banks retain the right to immediately demand approximately 410 million euros, which are Avramar Greece’s loan exposures, from its new shareholder.

The developments certainly complicate the procedures for the reorganization of the largest player in domestic fish farming and significant movement is expected in the coming days. What is certain is that the banks do not have much available time and must legally shield all their actions.