BayWa AG Appoints Restructuring Expert Michael Baur to Lead Financial Recovery

BayWa AG Appoints Restructuring Expert Michael Baur to Lead Financial Recovery

(IN BRIEF) BayWa AG has appointed Michael Baur, a restructuring expert from AlixPartners, as Chief Restructuring Officer (CRO) to guide the company through its financial difficulties. Baur has been working with BayWa’s management to stabilize the business and will now lead the implementation of a comprehensive restructuring plan. The company recently secured a €550 million financing package from shareholders and banks to support its recovery, with a full restructuring report expected by the end of September.

(PRESS RELEASE) MUNICH, 11-Sep-2024 — /EuropaWire/ — BayWa AG has appointed Michael Baur, a restructuring expert from AlixPartners, as Chief Restructuring Officer (CRO) and Chief Representative. Baur will lead the company’s efforts to navigate its current financial challenges and work closely with BayWa’s Board of Management to implement a comprehensive restructuring plan.

Baur’s experience in financial and operational restructuring at both mid-sized and listed companies is seen as critical for BayWa’s recovery. The appointment follows weeks of collaboration between Baur and BayWa’s leadership, aimed at stabilizing the company in line with its long-term Strategy 2030.

BayWa’s CEO, Marcus Pöllinger, expressed confidence that Baur’s expanded role will help achieve the goal of creating a stronger, more profitable organization. BayWa recently secured a €550 million financing package from shareholders and lending banks to support its restructuring efforts, with a detailed report on the plan expected by the end of September.

Baur’s expertise in handling complex restructuring projects is expected to drive BayWa’s return to financial sustainability amidst challenging conditions.

About BayWa AG
BayWa AG is a globally active group with the business units energy, agriculture and building materials. As a global player with revenue of €23.9 billion in 2023, it develops innovative and sustainable solutions for the basic human needs of food, energy, heating, mobility, construction and housing. The company has around 25,000 employees in over 50 countries. The headquarters of the parent company, which was founded in 1923 and celebrated its 100th anniversary in 2023, are in Munich. BayWa AG’s roots lie in agricultural cooperative trading, and its mission is to provide rural regions with everything they require for agriculture. More information is available at www.baywa.com/press.

Media Contact:

Dr. Frank Herkenhoff
Phone +49 89 9222-3680
Mobile +49 170 3780993
frank.herkenhoff@baywa.de

SOURCE: BayWa AG