Banks and Canada-based Cooke Aquaculture have signed a new Memorandum of Understanding (MoU) for the acquisition of Avramar Greece’s debt. This follows the collapse of a previous agreement with Aqua Bridge, which withdrew its bid, confirming a recent report by “N”.
According to sources, the offered purchase price for the loans stands at 200 million euros, with payment scheduled over a four-month period. Cooke has committed to the immediate issuance of the required letter of guarantee. This move essentially signals the conclusion of Avramar Greece’s long-standing restructuring process, 18 months after the banks first launched the competitive bidding process.
Given that Avramar Greece’s total debt exposure is approximately 410 million euros, the banks are achieving a recovery rate of 49%—a figure considered satisfactory under the current circumstances.
As previously reported by “N”, the catalyst that led Aqua Bridge to withdraw its interest was the Canadians’ move to acquire the parent company, Avramar Seafood. Sources indicate that the agreement with Amerra Capital Partners, the Group’s majority shareholder, stipulates the acquisition of the Greek operations (Avramar Greece) for a nominal price, while the valuation for the Spanish operations remains undisclosed. In any case, the acquisition agreement was recently approved by the Group’s General Meeting of Shareholders, and the transfer of ownership is now underway.
Regarding the future of Avramar Greece, the company begins from a stronger baseline than in 2019—when the Andromeda–Nireus–Selonda triple merger was finalized—as it currently maintains sufficient liquidity to cover operational needs and reports a profitable bottom line.
The focus now shifts to Cooke’s strategic roadmap concerning management, organizational structure, and domestic operations. Market analysts estimate that a targeted investment program of 30–40 million euros could substantially support the company’s position. A key pillar for long-term viability is considered to be the development of a clear five-year strategic plan with well-defined targets and streamlined management. Such a plan aims to avoid the structural inefficiencies of the past that—for a second time—led Greece’s leading aquaculture player into “troubled waters.”
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