Sept 29 (Reuters) - German agricultural group BayWa (BYWGnx.DE) , opens new tab said on Sunday that it had secured an additional 500 million euros ($558.15 million) as part of an existing bridging loan agreement to sustain its financing till year end as it seeks funding for restructuring.

The board expects to obtain signatures of the main lending banks in the upcoming days to extend the existing standstill agreements until Dec 31 2024, the statement added.

Last week, BayWa concluded the first draft of its restructuring plan, which could include cost cuts and asset sales and said it would continue talks with creditors and shareholders.

On Friday, it also incurred a non-cash impairment loss of 222.2 million euros in the first half of 2024, more than half of which was attributable to its renewable energy unit.

The Munich-based trader of farming supplies and produce has been grappling with rising borrowing costs. In July, it also suspended its annual profit forecast citing the restructuring plans.

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https://www.reuters.com/markets/commodities/baywa-secures-additional-558-mln-financing-it-seeks-restructuring-funds-2024-09-29/