Sunday October 26, 2014 Search
Weather | Athens
17o C
13o 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)  
Nicosia says reforms are bringing results
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Samaras pledges action after flash floods in Athens
Authorities began on Saturday assessing the damage done by flash floods in various parts of Athens a day earlier, with Prime Minister Antonis Samaras pledging that all those affected would b...
No court hearings for civil cases
Greek courts are to stop conducting hearings, which include witness questioning, for civil cases, according to plans drawn up by the Justice Ministry. Kathimerini understands that in a bid t...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greece’s lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Samaras pledges action after flash floods in Athens
3. Banks need to step up
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. No court hearings for civil cases
6. Nicosia says reforms are bringing results
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.