M&A, Corporate and Financial News

Bio-on Declared Bankrupt

The Court of Bologna declared the bankruptcy of Bio-on on December 20.

Bio-on SpA made the following announcement:

The Court of Bologna with sentence no. 137/19 of 20 December 2019 has declared the bankruptcy of Bio-on, and also appointing Dr. Fabio Florini as Delegated Judge and Bankruptcy Curator of a college composed of Dr. Antonio Gaiani and Prof. Dr. Luca Mandrioli, formerly Judicial Administrator.

The Court of Bologna ordered the temporary continuation of the company’s economic activity by authorizing the provisional exercise with the purpose to preserve business continuity.

Banks seems to be unwilling to provide new loans to the company while the payments of the employees’ salaries can only be made possible with new credits.

It will be the task of the bankruptcy trustee to take action as soon as possible in order to present the application for Extraordinary Wage Integration Intervention due to a business crisis.


Bio-on Bankruptcy

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