Just ahead of the presentation of its half-year report, the agricultural trading group Baywa, which is struggling to survive, has come up with some good news. In their preliminary restructuring report, the management consultants commissioned by Roland Berger concluded that the former Munich SDax member, which belongs to the cooperative sector, has a chance of continuing to exist – though subject to many conditions and requirements.

The urgently awaited positive going concern prognosis emerged after the creditor banks and the main owners of the loss-making and highly indebted company, the Bavarian Volksbanken and Raiffeisenbanken, put together a financial rescue package of EUR 550 million in mid-August to secure the group's liquidity for a transitional period. Investors reacted with relief to the recent ad hoc announcement by Baywa. The registered share with restricted transferability jumped by almost a fifth to just over 13 euros.

However, the short-term euphoria is likely to be dampened by the fact that, according to Roland Berger, Baywa will need years to overcome its self-inflicted crisis. The creditor banks and the cooperative bank sector shareholders are insisting on a radical restructuring, creating the basis for a fresh start for the company with a reformed capital structure. The Executive Board is still negotiating the details with the lenders and anchor shareholders. The necessary restructuring is likely to initially entail additional costs for those involved.

In the meantime, Baywa is facing further strains. According to Börsen-Zeitung sources, law firms are preparing class actions for damages for small shareholders against the company management, and the group auditor PricewaterhouseCoopers (PwC). The legal representatives accuse PwC, among other things, of not having provided any information about Baywa's critical financial situation in the unqualified audit opinion for the 2023 consolidated financial statements.