Short-term debts cast doubt on the liquidity of the Catalan company Parlem
A large part of the 'teleco's' liability is with Inveready, fund owner of Avatel
BarcelonaNew plot twist in the future of Parlem Telecom. One month after the non-integration with Avatel, a series of debts amounting to 16.6 million euros loom over the Catalan telecom operator. Specifically, as read from the annual results provided by the company to the BME Growth, various credits made by Inveready – investor fund owner of Avatel and shareholder of Parlem – and its main holder, Josep Maria Echarri, have moved to short-term maturity after various financial ratios established in the financing contracts (covenants) were breached during the previous fiscal year. “There is a short-term liquidity risk,” acknowledges the auditor in the annual accounts presented this Thursday.
To these 16.6 million euros, 5 million more from Gaesco must be added, which also mature this year. As the company has specified, they are currently working to renegotiate the payment terms.
As the ARA already explained, Inveready holds a significant amount of bonds that could give it more weight in the shareholding. Specifically, as Parlem has reported to the BME Growth, it has a debt of 11.1 million euros convertible into shares, which will now have to be seen if it is applied or not. In addition, Josep Maria Echarri – through The Nimo’s Holding SL – can also request to collect 5.5 million corresponding to a credit line.
A failed negotiation
A month ago, negotiations between the parties failed after Avatel withdrew its acquisition offer. The Madrid-based operator retracted its proposal after learning that Parlem's board of directors planned to reject its offer. Initially, Avatel's proposal included acquiring 51% of the Catalan company in exchange for integrating its businesses in Catalonia and part of the Catalan Countries. However, after the Barcelona-based company presented worse-than-expected results, Inveready's operator updated its offer in its favor, up to 60% of the company.
During 2025, as indicated by the published results, Parlem invoiced 49.5 million euros, a figure in line with the previous year, when the telecom was sold for 49.7 million. However, during the last year, its ebitda –a financial indicator that measures operating profitability before interest, taxes, and amortization– fell by 48%, to 2.8 million.
