According to information from “N”, the process of presenting binding offers for the sale of the Avramar group is being extended by one week, until next Friday.
This development is attributed by credit institutions to technical reasons, since, according to information, the extension was requested because a little more time was needed to regularize legal details.
However, during this period, it is considered certain that negotiations with interested investors will continue vigorously, and it is not excluded that, after the expiry of the deadline on 27 September, a further extension of a few days for another week will be given.
However, the willingness of all parties involved is that there should be no major delays in the procedures, as time is of the essence in the case of rescue.
All 3 suitors are interested in all activities
So far, the positives include the fact that the three interested parties competing for the Avramar group in the final phase of the competition: Spain’s Atitlan, the Emirati Aqua Bridge Group and the Greek investment fund Diorasis, the main shareholder of Philosofish, are said to be interested in acquiring the entire business and that the possibility of “salamization” has been avoided.
At this point, it is important to clarify that only Avramar’s activities in Greece are being sold and not a “package” with the Spanish subsidiary, and only relevant offers for these will be presented.
Given that Avramar has licenses for the production of approximately 60,000-70,000 tons, some of the units could be sold to others after the acquisition, in order to also better repay debts and to limit the investment risk.
The price offered, which will include both the intended haircut and the general debt restructuring, as well as the business plan for consolidation, are the key points for the selection of the preferred investor, as the main bet is to ensure a good continuity in the activities of the group which despite the unfavorable financial image still maintains a strong good reputation as a brand in international markets.