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