White smoke has reportedly come out of the Avramar bailout case, as according to “N” sources, the credit institutions seem to have settled on a preferred investor.
As “N” has already reported, two of the three interested investors passed the final evaluation: the Spanish Atitlan and Aqua Bridge Group from the Emirates, as Philosofish’s proposal was characterized as non-binding by the banks.
In this context, early reports indicate that the strongest player in domestic fish farming, the Avramar group, will be acquired by Arab funds, with Aqua Bridge Group’s proposal being the one that appears to qualify after the latest evaluation of credit banks.
According to sources, the amount of debt reduction to the banks is close to 75% in the proposal that appears to have advanced, while debt reduction to suppliers is not included.
The road to consolidation is opening
This development, if confirmed with an official announcement within the next few days, certainly creates positive prospects for the future of the Avramar group, as it paves the way for consolidation.
Of course, the “salvation” of the first player in the domestic fish farming sector is directly dependent on the new funds that will flow in, but mainly on the business plan that the new investor will implement.
Since the failure of the previous rescue is still fresh, the “key” that will judge the success of the venture lies in the management plan that will be chosen, which must shield sustainability and be growth oriented.
The completion of the agreement at the beginning of 2025
As “N” has already reported, after the selection of the preferred investor, it will take a period of approximately two to three months to complete the procedures. This means that the completion of the agreement is moved to the end of January-early February.
The question remains as to how the smooth operation of Avramar will be ensured in the period between the selection of the preferred candidate and the assumption of full control of the company by the new investor, i.e. who will cover the necessary channeling of funds until the agreement is completed.
It is noted that the Aqua Bridge group, which is said to be emerging as a preferred investor, is active in the provision of services and know-how in the aquaculture industry worldwide with a presence in the Gulf regions (Kuwait and Saudi Arabia), the United Kingdom, the Maldives and Greece.
