Fri Sep 20 09:13:02 UTC 2024: ## Avramar Group Seeks Debt Relief for Sustainable Future
**Athens, Greece** – The Avramar Group, currently operating with zero profit margins to maintain market presence, is facing a critical juncture. The group, burdened by a debt exceeding €400 million, is seeking either a significant debt reduction or restructuring as a key condition for securing its long-term viability.
This move comes as Avramar negotiates with three interested investment schemes. Sources indicate that the draft offers received have been considerably low, highlighting the need for a substantial debt adjustment.
The process of covering the “haircut,” or debt reduction, remains a point of contention. Sources close to the negotiations point out that a “haircut” exceeding 70% would be ideal for immediate sustainability, but such a rate might be difficult to achieve.
The question of how banks will manage the debt reduction process is also crucial. Previously, banks capitalized part of the debt followed by the sale of Nireas and Selonda companies. This practice is considered unlikely to be repeated in this instance.
Avramar’s future hinges on finding a solution that addresses the substantial debt burden and ensures its long-term viability. The outcome of the negotiations with potential investors will determine the fate of this significant Greek business group.
First Piper 