(Reuters) -German agricultural supplies trader BayWa said on Friday its restructuring plan was confirmed by a Munich court, after it was approved by investors and creditors. The restructuring plan is
BayWa's Restructuring Plan Receives Court Approval in Munich
(Reuters) -German agricultural supplies trader BayWa said on Friday its restructuring plan was confirmed by a Munich court, after it was approved by investors and creditors.
The restructuring plan is to be implemented as soon as the confirmation becomes legally binding, the company added.
The Munich-based trader of farming supplies and produce has been grappling with rising borrowing costs, forcing it to embark on a restructuring, including job cuts.
BayWa said in May that around 300 affected creditors agreed to an extension of loans until the end of 2028, as well as a capital increase of up to 201.6 million euros ($230 million).
($1 = 0.8763 euros)
(Reporting by Tristan Veyet in Gdansk, editing by Ludwig Burger and Thomas Seythal)
