Cuisine de France owner Aryzta needs to sell at least €600m in assets in order to cut its debt to more manageable levels, activist shareholders have insisted. The activists are also plotting to oust Aryzta chairman Gary McGann and four other board members. During a presentation yesterday, Veraison CEO Andreas Weigelt said Aryzta needs to do more to cut debt. He insisted that even taking Aryzta's ebitda last year, before Covid hit, Aryzta's net debt to ebitda would still be at a ratio of five times. The shareholders and their board candidates have insisted they won't undertake a fire-sale of Aryzta assets.

Source: Irish Independent July 03, 2020 01:30 UTC