Aryzta has reportedly confirmed its plan to raise €800 million in equity.
The funds raised by the Irish-Swiss food group will be used to repay debt of in the region of €500 million, provide additional working capital funding; and provide €150m funding to execute the group's cost-and-debt cutting programme called 'Project Renew', reports the Irish Independent.
Gary McGann, chairman of Aryzta, said that the board has put forward a detailed, multi-year turnaround plan" which is in the best interest of all Aryzta stakeholders."
McGann highlighted that in the absence of an €800 million capital raise, Aryzta will be unable to fully implement this plan, put the business back on a profitable growth path and rebuild value for all shareholders.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.