BayWa AG secures full financing until the end of 2027

More than 95% of the financial creditors support the financing concept and agree to the content of a long-term restructuring agreement until the end of 2027 StaRUG necessary to integrate the remaining few financial creditors into the financing solution StaRUG proceedings have no impact on operations – customers, suppliers, subsidiaries and employees are not affected StaRUG proceedings ensure legal certainty and safeguard the implementation of the restructuring CRO Baur: “Microsurgical approach that ensures that restructuring can continue without disruption”As previously reported, BayWa AG has reached an agreement with the vast majority of its financing partners on a detailed transformation concept and the content of a long-term restructuring agreement until the end of 2027.Over 95% of the financial creditors have now approved the financing concept. A very small number still refuse to give their consent. As repayment to these individual creditors is out of the question, despite sufficient available liquidity, for reasons of equal treatment of all financial creditors BayWa AG has today initiated restructuring proceedings at the Munich Local Court in accordance with the German Act on the Stabilisation and Restructuring Framework for Companies (StaRUG). In this way, BayWa AG ensures process reliability for a dependable realisation of the planned restructuring steps. In the case of an implementation via StaRUG, consent from 75 percent of the financial creditors is sufficient. This majority is already contractually secured. The StaRUG proceedings have no negative impact on business operations. Customers, suppliers and employees remain unaffected by StaRUG. The proceedings relate exclusively to the parent company BayWa AG; subsidiaries are not part of the proceedings and are therefore not affected.The financing concept to be implemented in a legally secure manner in that the ‘StaRUG light’ procedure does not provide for any debt waivers by the financial creditors. The primary aim is to extend the financing until the end of 2027. In addition, a capital increase of around €150 million is planned in line with the restructuring plan to strengthen the equity base, in which all shareholders can participate equally. All shareholders will fully benefit from subscription rights. There will be no capital reduction.CRO and board member Michael Baur says: “The long-term transformation concept for BayWa is in place: we have a detailed operational programme of measures and a resilient financing concept that will be further strengthened by the capital increase secured by the main shareholders. The operational transformation is already actively being implemented. The StaRUG proceedings that have now been initiated are aimed at a few individual creditors who have not consented to the financing concept. It is a necessary final step to secure the restructuring framework until the end of 2027. BayWa's ‘StaRUG light’ approach differs from other prominent cases in that it is only a microsurgical procedure to implement the financing concept in a legally secure manner, while it does not implement any debt waivers and, in particular, preserves the subscription rights of all shareholders in the planned capital increase.”The StaRUG enables companies that, like BayWa, essentially operate a healthy business to include all relevant financial creditors in implementing a standardised restructuring solution using majority decision making as part of a restructuring plan.BayWa is aiming to conclude the StaRUG proceedings within a few months. The financing of the StaRUG proceedings has been secured.Due to the implementation of StaRUG proceedings, the publication of the annual and consolidated financial statements for the 2024 financial year (previously scheduled for 27 March 2025) is expected to be delayed. The new publication date for the annual and consolidated financial statements will be announced in good time. Depending on the new publication date, it may also be necessary to postpone the company’s Annual General Meeting (previously scheduled for 27 May 2025).Further information can be found at www.baywa.com/presse.Printable press photos, footage material and video statements can be found here.BayWa AG on LinkedIn: www.linkedin.com/company/baywaWeiter zum vollständigen Artikel bei BayWa AG (vink. NA) Weiter zum vollständigen Artikel bei BayWa AG (vink. NA)