Last Friday Greek bass and bream companies Selonda and Dias formally signed a merger deal, creating a consolidated company with joint annual output of 40,000 metric tons and expected revenues of €250 million ($324.8 million).
The catch? Two highly leveraged companies have merged to form a single entity with €300 million ($389.8 million) in debt, a move that has many in the Mediterranean bass and bream sector expressing concern about the new venture.
“They are not addressing the real issue, that they owe too much in debts -- and if they were not able to sell the fish produced as individual companies, how will they sell all the 40,000 metric tons of it?” one industry watcher, who chose to remain unnamed, asked.
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