Any issues that may emerge during the legal audit, as well as the model that the banks will choose in order to be able to proceed with a haircut on loans, are the two key points for the progress of the Avramar group’s rescue.
Almost two months after the banks’ tender process identified the preferred investor, namely Aqua Bridge, a development that was not accompanied by an official announcement as it was not mandatory, there is an agreement in principle.
The preferred proposal has been accompanied by the relevant financial documents which confirm that the preferred investor will allocate around 50-60 million euros to Avramar, in order to support the restructuring and development plan of the next day.
Regarding the group’s obligations, the proposal of the Arab funds, as “N” has already reported, does not reportedly provide for a haircut to suppliers, while for the bank loans, the exact amount of the write-off does not seem to have been locked yet. According to sources, the “haircut” that the banks will need to proceed with is around 75%, however, this final percentage has not yet been confirmed.
Moreover, from the point of view of credit institutions, the information is very sparse, while an important issue that needs to be resolved is the roadmap for the haircut, given that legally it is not a simple process.
The possibility of the reorganization going through the Court of First Instance is possible, however, so far the banks have not expressed such a willingness.
Moreover, a key milestone for the development of the deal is the completion of the legal audit by the preferred investor, which has already begun. In the context of the audits, it is estimated that issues will arise that will be put on a new basis for negotiation where they must be resolved in order for the process to continue smoothly and for the transfer of Avramar to the investment funds from the Emirates to be “locked”.
In this context, it is estimated that it will take at least a quarter to complete the procedures, placing the finalization of the agreement in March 2025. It is noted that, as “N” has already reported, the initial schedule placed the completion of the agreement in late January-early February of the new year.
Until then, it seems that the Avramar group has sufficient liquidity to continue its activity. Given that the failure of the previous rescue is still fresh, the real success of the rescue operation of the first player in the domestic fish farming sector lies in ensuring the company’s financial soundness and in safeguarding the approximately 2,200 jobs through a sustainable and highly growth-oriented business and management plan.
