In a significant turn of events, Greek banks have signed a new Memorandum of Understanding (MoU) with Canadian Cooke Aquaculture regarding the acquisition of Avramar Greece's loans after Aqua Bridge's exit from the bidding process. The departure of Aqua Bridge, confirmed by recent reports, has paved the way for Cooke to step in and propose a purchase price of €200 million, which is set to be paid within four months. This includes a commitment from Cooke to submit the necessary letter of guarantee promptly.

The current scenario marks a pivotal conclusion in the protracted restructuring saga of Avramar Greece, following a competitive bidding round that took place over a year and a half ago. With Avramar's total debt estimated at approximately €410 million, this new agreement allows the banks to recover about 49% of the owed amount, a figure that is viewed as satisfactory given the circumstances surrounding the company's financial struggles. The developments reflect both the interest from foreign investment and the ongoing challenges in the Greek aquaculture sector.

This restructuring effort by the banks underlines their strategies to mitigate losses while attempting to stabilize Avramar Greece's operations. The involvement of Cooke Aquaculture, a well-established entity in the aquaculture industry, suggests potential optimism for the future of Avramar. However, the transition and actual recovery will depend significantly on the successful implementation of the proposed financial arrangements and the operational strategy Cooke intends to deploy to revive the ailing company.