BIO-ON
Sales auction for Italian PHA producer moves into the sixth round
 Not an object of desire yet: Bio-on's production facility near Bologna, Italy (Photo: Bio-on) |
The five attempts to find a buyer for the insolvent polyhydroxyalkanoate (PHA) producer Bio-on (Bologna, Italy; www.bio-on.it) have failed so far. The insolvency court in Bologna is now giving it another go.
Up until 3 May 2022, interested parties have an opportunity to submit a purchase offer as part of an auction. The minimum bid has been reduced once again, compared to the initial rounds, and now stands at EUR 23.7 mn. At the very beginning of the sales marathon, the court had estimated the value of the plastics producer at just under EUR 95 mn.
The bankruptcy assets include Bio-on’s production site in Castel San Pietro Terme, as well as the brand, buildings, and facilities (see Plasteurope.com of 22.11.2021). Bio-on declared insolvency in December 2019 after CEO Marco Astorri was arrested on suspicion of accounting fraud and market manipulation.
Up until 3 May 2022, interested parties have an opportunity to submit a purchase offer as part of an auction. The minimum bid has been reduced once again, compared to the initial rounds, and now stands at EUR 23.7 mn. At the very beginning of the sales marathon, the court had estimated the value of the plastics producer at just under EUR 95 mn.
The bankruptcy assets include Bio-on’s production site in Castel San Pietro Terme, as well as the brand, buildings, and facilities (see Plasteurope.com of 22.11.2021). Bio-on declared insolvency in December 2019 after CEO Marco Astorri was arrested on suspicion of accounting fraud and market manipulation.
21.04.2022 Plasteurope.com [250105-0]
Published on 21.04.2022
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