Aryzta favours asset sales, cost-cutting over cash call

Aryzta favours asset sales, cost-cutting over cash call
Kevin Toland, Aryzta’s chief executive

Investors have questioned whether the Irish-Swiss bakery giant would need to raise money to ensure it does not fall foul of an upcoming test of its covenants given the decline in its earnings

The chief executive of troubled food company Aryzta has said using its existing capital is the best way to avoid breaching its banking covenants.

Investors have questioned whether Aryzta, the Irish-Swiss bakery giant best known in this country for its Cuisine de France brand, would need to raise money to ensure it does not fall foul of an upcoming test of its covenants given the decline in its earnings.

But Kevin Toland, Aryzta’s chief executive,...

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