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shipping dies armas president

President of Armas Shipping dies
#1
from Noticias:

Death of the Canarian businessman Antonio Armas, president of one of the largest shipping companies in Spain.
He was the continuation of a family saga of shipowners from the island of Lanzarote.
The president of Naviera Armas Trasmediterránea, Antonio Armas Fernández, has died this Tuesday, at the age of 78 and suddenly, as confirmed by the company through a statement. Son of the founder of the company, Antonio Armas Curbelo, he assumed the generational replacement of his father in 1968 and was a pioneer in 1973 in the introduction of roll-on vessels in the Inter-Island traffic of the Canary Islands.
Likewise, for 50 years he was responsible for the growth of the company, reaching different milestones such as the beginning of mixed passenger traffic or the acquisition of Trasmediterránea. In addition, the president of the shipping group received last year the Gold Medal of the Canary Islands 2021 in recognition of the 80 years of existence of the company.
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#2
Noticias:

Naviera Armas has received a loan between 100 and 150 million euros from Deutsche Bank, according to the newspaper El Confidencial this Friday.

 

The Canarian company, which last March suffered the death of its founder, Antonio Armas, changed the management team to professionalize management. A few days ago, the appointment of Marc Canalda as the new chief executive was announced

 

The German bank is confident in the future of Naviera Armas, which entered into crisis before the pandemic, when it lost around 34 million euros, due to its problems digesting the purchase of Acciona from Trasmediterránea for 260 million in 2018. In 2020, Already with the ravages of COVID-19, the red numbers reached 258.34 million.
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#3
Noticias:

Balearia willing to buy the shipping company Armas from JPMorgan.

The company, which has become the largest ferry operator in the state, already has Transmediterránea in the Balearic Islands.
Baleària, which has become the largest Spanish ferry operator after the shipping company Armas divested itself of the Trasmediterránea business in the Balearic Islands, is watching the future of the Canarian group, which has passed into the hands of funds due to its high debt. Its president and owner, Adolfo Utor, assures that "we can be candidates" to buy his historic rival.

 

The possible sale of Armas is an operation that plans on the maritime sector after the pandemic reduced passenger activity to a minimum and increased the financial problems of the Canarian group, which had fattened its debt for the purchase of Trasmediterránea from Acciona.

 
"We don't know what the funds are going to do, which are four. What is clear is that they have no vocation for continuity, sooner or later they will put it on sale if it is not already for sale, "said Utor. The ownership of Armas is now in the hands of JP Morgan, Barings, Cheney Capital and Bain, after the Canarian family that owns the shipping company could not meet its financial commitments.
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#4
Noticias:

The Naviera Armas-Trasmediterránea overcomes the crisis.

The Armas family will remain in the shareholding with 6% in the new stage led by Sergio Vélez.

This morning there has been the most anticipated news in recent weeks related to the Transmediterranean Arms Group. The company announces today that it has reached an agreement, backed by all its creditors and shareholders, to reduce its debt, Juan Carlos Lorenzo advances for the specialized magazine Puente de Mando.



"The Group thus takes a decisive step in the implementation of the necessary strategy to boost its business and future growth, leaving behind a period of difficulties aggravated by circumstantial factors," such as the rise in fuel prices or the closure of routes in the Strait and Alboran during the pandemic, it reports in a statement.



The proposal for the refinancing and recapitalization of the existing debt of the Armas Trasmediterránea 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.



The terms reached in the framework agreement incorporate the 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 the agreed recapitalization process is carried out.



Once the agreement is completed, the company's shareholders will be composed 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 in the shareholding.



New Board of Directors and management team



The Group also announces today the appointment of Sergio Vélez Álvarez as CEO. Vélez, who is currently Senior Managing Director of FTI Consulting, is one of the most renowned specialists in Spain in restructuring and operational optimization of companies, and has more than 25 years of experience in similar situations in companies such as Natra, Grupo Gallardo Balboa, Dia or Grupo Siro.



Likewise, the management team, led by Sergio Veléz Álvarez and Marc Canalda as CFO and until now interim general director, has been reinforced with the incorporation of a Chief Commercial Officer, Óscar Martínez Huerga and a Director of Purchasing and Insurance, Francisco Chico.



Óscar Martínez Huerga has more than 25 years of experience in positions of maximum commercial responsibility in companies in the logistics and maritime sector, such as Bergé, CEVA Logistics or UTI (today DSV), leading the development and execution of the commercial strategy at national and international level.



For his part, Francisco Chico, who joins as Director of Purchasing and Insurance, has more than twenty years of experience in the purchasing sector in multinational environments, the last seven in the beer sector working for SAB Miller and AB InBev.



Strategic and Business Plan



Today's agreements are also supported by the company's Strategic and Transformation Plan, which revolves around the following axes:



- Improved solvency and rating as a result of the recapitalisation.

- Improvement of service and availability for the client.

- Consolidation of the leadership position before competitors, mainly in the Canary Islands and Peninsula-Canary Islands.

- Optimization and renewal of the fleet on the routes in the Canary Islands, Strait and Hermes (land transport in the Canary Islands, the Balearic Islands and the Strait).

- Improved operations through increased efficiency by taking advantage of the synergies of both fleets owned by the Group, Trasmediterránea and Naviera Armas.



All the aforementioned measures put the Armas Trasmediterránea Group in a position to achieve an operating result of approximately 52 million euros by 2023 and raise service standards in an essential activity such as passenger and cargo transport.



Grupo Armas Trasmediterránea has been advised by Houlihan Lokey as financial advisor in the negotiations with creditors, and by FTI Consulting in the preparation of the transformation plan and improvement of the company's operations, and its implementation.
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