Sunday September 21, 2014 Search
Weather | Athens
27o C
19o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Selonda Aquaculture forced to go into receivership

By Evgenia Tzortzi and Dimitra Manifava

Thirty-three years after its foundation and having been one of the Greek fish-farming sector’s biggest players, Selonda Aquaculture SA is about to pass into the hands of its creditors.

After months of negotiations with banks and several failed attempts to merge the firm with Dias Aquaculture and then Nireus, Selonda has come to an agreement with the banks that includes the capitalization of outstanding loans of 50 million euros and the issue of corporate bonds up to 105 million euros. It is believed that a later effort will be made to merge Selonda with Nireus, according to sources from both the latter and the credit sector.

The agreement to restructure Selonda is expected to be approved by an extraordinary general shareholders meeting on July 24, while a general outline regarding the future of the company will be presented at Thursday’s regular general shareholders meeting.

Among the issues on the agenda for July 24 will be a decrease in the firm’s share capital and a reduction of the nominal value of every existing share with voting rights in order to offset accumulated losses and/or create a special cash reserve of the same amount. Then the share capital will be increased with the capitalization of outstanding bank loans, cash injections by one or more strategic investors, the issue of new common shares and the abolition of existing shareholders’ preferential rights.

After the restructuring, the holdings of the banks that currently own 21.09 percent of Selonda will exceed 70 percent. It remains unknown whether the other major shareholders will continue to have a stake in the company: They are Kakha Bendukidze, the head of Dutch fund Linnaeus Capital Partners, with 19.05 percent, Georgios Grippiotis with 13.14 percent, and Marven Enterprises Company Ltd with 9.25 percent.

Within this month the other major player in the fish-farming sector, Nireus, is also expected to reach an agreement with the banks. Sources say the plan is for loans of 50-60 million euros to be transformed into company shares, resulting in the reduction of stakes held by Bendukidze and Aristidis Belles to between 5 and 8 percent.

ekathimerini.com , Wednesday Jul 2, 2014 (23:20)  
Record sum of new debts to the state in August
‘Greece can meet its needs on its own’
Cyprus civil servants´ strike called off
Elliniko investors eye Cyprus project warily
Results of probe into 20 Lagarde list names due soon
Members of the Financial Crimes Squad (SDOE) and tax inspectors involved in an investigation into the so-called Lagarde list of Greeks with Swiss bank accounts expect to be able to announce ...
Police refute reports of Jihadi training
Greece is not a training ground for Jihadis, the Greek police said in a statement released late on Friday in response to reports in the local media claiming that radical Islamists have been ...
Inside News
SOCCER
Triumph for PAOK, historic result for Asteras in Europa League
Greek teams produced a patchy record on the opening night of the Europa League group stage on Thursday, as PAOK thrashed Dynamo Minsk, Asteras Tripolis snatched a draw at Besiktas and Panath...
SOCCER
Financial crisis forces Greek second division postponement
Greece's second soccer division Football League announced on Wednesday the postponement of the start of the season due to financial difficulties being faced by most clubs. "The board of dire...
Inside Sports
COMMENTARY
Universities threatened by transfers
The problem arising from the abuse of the Greek university transfer system – whereby some students are allowed to move to an institution of their choice instead of the one they were admitted...
EDITORIAL
Capital changes
A sizable part of the middle of the Greek capital has been slated to receive a significant makeover with the implementation of an urban restructuring project which includes turning a key cit...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Results of probe into 20 Lagarde list names due soon
2. Police refute reports of Jihadi training
3. Gov’t drafts plan to secure exit from memorandum
4. Greek commuters have relatively long wait
5. IKA uncovers benefits scam at Kerameikos branch
6. Man dies in well accident
more news
Today
This Week
1. ‘Greece can meet its needs on its own’
2. Record sum of new debts to the state in August
3. Results of probe into 20 Lagarde list names due soon
4. Police refute reports of Jihadi training
5. Gov’t drafts plan to secure exit from memorandum
6. Special guard arrested over extortion, bribery
Today
This Week
1. Greece on standby
2. Greece at bottom of social justice scale among EU28
3. Central Athens traffic restrictions back in force on Monday
4. Lost in the fog
5. ‘Greece can meet its needs on its own’
6. Record sum of new debts to the state in August
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.