If you don't mind replanting, you can remove the soil and cut it with a large % of pine bark & some perlite. Short of that, you are stuck. Adding a wick will help drain some additional water, but if it's THAT tightly held, it may not be enough - let's hope it is.

Al

Have you checked that the drainage holes are unblocked? Sometimes the holes get clogged. You can try to unblock them with a large nail or other tool.

Unfortunately, the fact that it's Baccto is probably the clue to this problem. It's a sedge peat product, which pretty much means muck.