Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Posted By Global Banking and Finance Review

Posted on January 31, 2025

Shares fall after Germany's BayWa seeks to push through restructuring in court

(Reuters) - German agricultural group BayWa has initiated restructuring proceedings at a court in Munich in an effort to circumvent a minority of creditors opposed to its plan, the company said on Friday.

Shares in BayWa slumped by as much as a third following the announcement, and were seen down 3.47% at 1021 GMT. Shareholders and BayWa's operating businesses will not be affected by the proceedings, the company said.

The proceedings initiated by BayWa make use of a legal framework that provides instruments for a restructuring while allowing a company to avoid insolvency proceedings. Implementation requires consent from 75% of creditors.

More that 95% of BayWa's creditors already approved its restructuring agreement in December, according to the company.

The Munich-based trader of farming supplies and produce has been grappling with rising borrowing costs, forcing it to embark on a major restructuring, including job cuts, after racking up a consolidated nine-month net loss of 640.8 million euros ($664.77 million).

BayWa said the presentation of the company's full-year results - expected on March 27 - would be delayed, and that its annual general meeting may also be postponed as a result of the proceedings.

($1 = 0.9639 euros)

(Reporting by Alexander Huebner in Munich, Writing by Tristan Veyet in Gdansk, Editing by Friederike Heine)

Recommended for you

  • Brookfield to invest 20 billion euros in AI projects in France, Tribune reports

  • Ukraine's military says it shot down 70 out of 151 drones launched by Russia overnight

  • China to roll back clean power subsidies after boom