Grupo Armas Trasmediterránea completes an agreement with its creditors and shareholders to reduce its debt

April 21, 2023
  • The company reached an agreement with its main creditors and shareholders to reduce its debt.
  • The agreement also contemplates the permanence of the Armas family in the capital of the company and the promotion of its ambitious improvement plan.
  • The proposal for the refinancing and recapitalization of the existing debt of the Group includes a capitalization of the bonds that constituted the bulk of the debt and that totaled 445.9 million euros, and that after the transaction will remain at 178.4 million euros.
  • Commitment of the new majority shareholders -with 94% of the capital- to provide financing for an amount of up to 73.3 million euros to cover any liquidity needs of the Group while carrying out carry out the agreed recapitalization process.
  • Once the agreement is completed, the company’s shareholders will be made up mainly of investment vehicles advised by JP Morgan, Barings, Cheney Capital, Bain Capital and Tresidor, as main creditors, and by the Armas family, which will remain as shareholders.
  • Appointment of Sergio Vélez as CEO.