BayWa Sees €500 Million in Fresh Debt as It Seeks Restructuring [Financial Post (Toronto, Ontario, Canada)]
COMMERZBANK JUNGE ADR NEW (CRZBY)
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — BayWa AG expects to receive fresh short-term funds as the struggling firm seeks more time to overhaul its crushing debt load. The German commodities conglomerate is closing in on a deal that would increase an existing loan by €500 million ($558 million) and extend a standstill agreement until the end of the year, according to a statement Sunday. The “main lending banks” are expected to sign the required paperwork “in the upcoming days,” the Munich-based firm said in the release. BayWa, whose businesses span agriculture, renewable energy and construction, is seeking to renegotiate its debt after experiencing a cash squeeze. The firm previously borrowed more than €5 billion to fund an acquisition spree, but it was pushed into difficulties by higher financing costs and issues at its renewable energy projects business. Shares in the company rose as much as 10.9% on Monday.
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