Gleiss Lutz has advised BayWa AG on standstill and bridging loan agreements as well as on further financing contributions.
BayWa AG has reached an arrangement with its most important creditor banks and two largest shareholders for the provision of fresh liquidity of around EUR 550 million. This was achieved by successfully concluding standstill agreements with the main lending banks and a bridging loan agreement with a volume of EUR 272 million with a core group of banks. Baywa AG’s main shareholders Bayerische Raiffeisen-Beteiligungs AG and Raiffeisen Agrar Invest AG will provide additional funds of EUR 250 million. The Board of Management expects the company to receive all outstanding contributions within the next few days.
Loan repayments due will initially be suspended until the end of September 2024. This will make it possible to use the restructuring report – which will then be available in draft form – to develop a sustainable reorganisation concept and a new financing arrangement.
BayWa AG, headquartered in Munich, is active in the energy, agriculture and construction sectors worldwide. As a global player with 2023 sales of EUR 23.9 billion and 25,000 employees, the company develops innovative and sustainable solutions for the basic needs of food, energy, mobility and housing.
The following Gleiss Lutz team advised BayWa AG: Dr. Matthias Tresselt (lead, partner), Dr. Florian Kienast (both Stuttgart), Dr. Moritz Lochmann (Munich), Jonathan Hain (Düsseldorf), Nina Krumm (all Restructuring, Stuttgart), Dr. Gabriele Roßkopf (partner, Stuttgart), Steffen Carl (partner), Florian Schorn (both Munich), Laura Moench (all Corporate, Stuttgart), Dr. Ocka Stumm (partner, Frankfurt), Dr. Markus Günther (both Tax, Hamburg).
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