M&A, Corporate and Financial News

Bio-on Suspends All Payments To Investigate Business Continuity

The Judicial Administrator of Bio-on, Prof. Dr. Luca Mandrioli, participated at a meeting on Friday November 8th called by the Emilia-Romagna Region as part of the activities of the Metropolitan Board to safeguard the company's productive assets, acknowledging that investigations have begun to check whether there are any prospects for business continuity.

The Judicial Administrator also informs that, pending the completion of all necessary and in-depth analyzes, any type of payment will be suspended and therefore, by way of example, payments due to Employees, Suppliers and Credit Institutions. The Judicial Administrator Prof. Dr. Luca Mandrioli.

In brief

  • Bio-on is an Italian Bioplastics company (PHA) listed on the Borsa Italia.
  • A report was published by Quintessential Capital Management claiming that Bio-on was a house of cards.
  • The Stock value of Bio-on collapsed. It lost 80 % in one day
  • The Italian justice intervened and Bio-on CE0 was put under house arrest.

Read Following articles for more info.

Impact Corona on Bioplastics

Last but not least

Every man and woman are innocent until proven otherwise.

We gave The Best Bioplastics Company 2019 to Bio-on, 50 days before their CEO was arrested.

You know what they say

… You’re riding high in April, Shot down in May … (F. Sinatra)

 

REFS

Plastic News – 2nd June

Bio-on News

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