Bass, bream producer Nireus Aquaculture yields 75% stake to creditors

By

James Wright, Senior Editor

Published on
March 27, 2015

Greek sea bass and sea bream farmer Nireus Aquaculture has entered an agreement with its creditors to restructure its loans by issuing new shares and passing along to them a 75 percent share of the company.

According to a memorandum of understanding the company signed this week with its creditor banks, the company issued new shares of EUR 0.30 each (USD 0.32) to capitalize EUR 58.6 million (USD 63.7 million) in loans.

Other key points of the agreement include common securitized bond loans of up to EUR 94.6 million (USD 102.8 million) and a Euro Interbank Offered Rate of 4.25 percent and the issues of a 10-year convertible bond loan of EUR 24.5 million (USD 26.6 million) at an interest rate of 1 percent.

Aristedes Belles, president and CEO of Nireus, expects the new agreement will “set the foundation and support for the firm progress of the company.”

 

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