An external restructuring expert is to lead the restructuring of the troubled Baywa.
An external restructuring expert is to lead the restructuring of the highly indebted Baywa. Management consultant Michael Baur from Alixpartners will be appointed to the board of directors as general representative and “Chief Restructuring Officer”, as Baywa announced on Tuesday. Baur is to be responsible for all measures related to the restructuring of the Baywa Group.
Restructuring plan at the end of September
Baur has already successfully managed many restructuring projects at medium-sized companies and listed corporations, said Supervisory Board Chairman Gregor Scheller.
Baywa is suffering from a double problem: a mountain of debt of over five billion in long- and short-term financial liabilities and the weak global economy, which has affected all of the company’s business areas.
Creditor banks and major shareholders supported the group in mid-August with a short-term financial injection of over half a billion euros. The majority of the aid package consists of loans totaling almost 400 million euros.
However, a long-term restructuring plan is still pending. The management consultancy Roland Berger has been entrusted with the restructuring report and is expected to present its proposal at the end of September.
Source: Stern
