- Baywa secures position in overseeing renovation projects
A restructuring specialist from outside will manage the financial overhaul of significantly indebted Baywa. As per Baywa's Tuesday announcement, Michael Baur, an advisor from AlixPartners, will join the board as a general representative and serve as the "Chief Restructuring Officer." Baur will handle all tasks related to the restructuring of the Baywa group.
Restructuring schedule set for end of September
Baur's impressive track record in managing restructuring projects, including at mid-sized firms and publicly-traded corporations, was highlighted by Supervisory Board Chairman Gregor Scheller.
Baywa is grappling with two significant hurdles: a debt pile surpassing five billion euros in both long- and short-term financial obligations, and a struggling global economy impacting all of its business sectors.
Creditors and major stockholders provided Baywa with a temporary financial lift worth over half a billion euros in mid-August. The bulk of this aid package comprises loans amounting to roughly 400 million euros.
Still, a comprehensive restructuring plan for the long term has yet to be implemented. Consulting firm Roland Berger has been delegated the responsibility of drafting the restructuring report, which is due by the end of September.
The financial sector will closely monitor Baywa's restructuring efforts led by Michael Baur, as he comes from the renowned restructuring firm AlixPartners. Despite receiving temporary financial aid, the the financial sector remains concerned about Baywa's long-term debt of over five billion euros.
