The deadline for the submission of binding bids for the acquisition of Avramar Group claim expires today, however, the process will reportedly be extended.
This development is considered necessary in order to continue the negotiations with the three interested investment schemes. According to sources, the draft offers have been particularly low.
Cutting the debt that exceeds 400 million euros or restructuring it is a key condition for achieving a sustainable continuity for the Avramar Group, which at this stage is selling with zero profit margins in order to “remain” active in the markets.
However, a key issue is the procedure that will be followed by credit institutions to cover the “haircut.”
Sources close to the process reported to “Naftemporiki”: “The ideal haircut that would ensure full viability the next day exceeds 70%. Perhaps such a rate is difficult to accept. However, even in the event that the proposed haircut from the point of view of stakeholders is much smaller, there is an important question that has not yet been answered and it concerns the way the banks will manage the process. Last time, banks capitalized part of the debt followed by the sale of Nireas and Selonda companies. This practice is estimated to be difficult to repeat this time.”
