Bio-On, the restart of the former unicorn is near
(Teleborsa) – Was-He, the former bioplastic unicorn that went bankrupt in 2019 following a report by the activist fund Quintessential, could restart. There bankruptcy arrangement proposal for the acquisition of all the assets of the company, presented by the Maip Group, has in fact received the approval by the Court of Bologna, convincing trustees and creditors of his goodness.
The proposal was made by the company Haruki75% controlled by MAIP Compounding and 25% by Plastotecnica (both companies belonging to the MAIP Group) and specially formed for the acquisition of Bio-On. Following the provision of approval by the Court of Bologna, within the necessary technical times, thedefinitive acquisition of the company.
The fall and the rise?
Bio-On, startup founded in 2007 by Marco Astorri e Guido “Guy” Cicognani”, had come to capitalize over 1 billion on the AIM Italia market (today Euronext Growth Milan). But the activist hedge fund attack led by Gabriel Grego it led to the collapse of the shares, to an investigation by the Bologna prosecutor, to the zeroing of the top management and then to bankruptcy.
Haruki, explained the Maip Group in a note, will be equipped with a initial assets of approximately 20 million euros to ensure the execution of the composition proposal and to start the recovery process. The goal is to produce the purest and most controlled PHA in Italy existing on the market worldwide which, according to its supporters, would be able to completely eliminate the problem of polluting microplastics.
The synergy between the Research Centers of MAIP and Bio-On “It will allow for the rapid introduction on the market of over 500 polyhydroxyalkanoate (PHA)-based formulations, including base powders and tailor-made compounds, in addition to those already present in the assets developed by Bio-On”, explains today’s note from the Piedmontese group.