US farm with 93,000 hectares for sale: 10,000 cattle on 2 islands.
10,000 cattle, deer, bison, and a slaughterhouse in the middle of nowhere. One of the largest slaughterhouses in Alaska is located on the storm-battered Umnak Island.
BayWa AG can now move forward with its restructuring plan as three-quarters of its creditors have approved it. The company was facing insolvency without this crucial support.
Relief for BayWa AG as the necessary three-quarter majority of creditors agreed to the restructuring plan this past Thursday. The meeting was convened by the Munich District Court under the Law on the Stabilization and Restructuring Framework for Companies (StaRUG). This means that even creditors who previously rejected the restructuring plan are now compelled to participate in the recovery efforts. Consequently, the heavily indebted corporation can implement the restructuring plan until the end of 2028.
Divestments and Job Cuts
The goal of the restructuring is to reduce the company's extensive debt of over 6 billion euros and return it to profitability. This will mainly be achieved through the sale of foreign holdings such as the New Zealand apple grower and trader Turner & Growers Ltd. and the Dutch grain trader Cefetra. Additionally, BayWa AG intends to sell its shares in the renewable energy subsidiary BayWa r.e.
In order to generate profits again in its core business areas of agriculture, technology, construction, and energy, BayWa plans to save costs of 350 million euros annually, partly through job cuts. Approximately 1,600 positions are expected to be eliminated by 2028.