THE COURT APPROVES THE COMPOSITION OF BANKRUPTCY PROPOSED BY GRUPPO MAIP
- Yesterday the Court of Bologna filed the approval of the composition project proposed by MAIP Group
- A financial and industrial plan for the relaunch of Bio-On, worth over 20 million euros, has been submitted
- The goal is to produce in Italy the purest and most stable PHA existing on the market globally
- PHA is a polymer created by nature and for nature, that could completely remove the issue of polluting microplastics
- The synergy between MAIP and Bio-On Research Centers will enable the launch, in a relatively short time frame, of more than 500 polyhydroxyalkanoate-based (PHA); this will include base powder and new ‘tailor made’ compounds, in addition to those already part of Bio-On repertoire
TORINO, Settimo Torinese, 10th March 2023 – The proposal for a bankruptcy arrangement for the acquisition of all Bio-On assets presented by GRUPPO MAIP has been approved by the Court of Bologna, having received consent from the trustees and creditors.
The offer was submitted by HARUKI Spa, controlled by MAIP Compounding Srl and Plastotecnica Srl (for a 75% and 25% respectively); both companies belong to MAIP Group.
Following the approval of the Court of Bologna, the full transfer of assets of the Company will materialize within technical time frames.
Haruki SpA will be endowed with an initial asset of about € 20.000.000 to guarantee the execution of the composition proposal and to allow the full restart of operations of the company based in Castel San Pietro.
The five-year plan proposed by MAIP Group will allow to quickly re-launch the innovative production technology of PHA (which derives from agricultural waste or agro-industrial by-products, such as sugar cane, beet, glycerol from biodiesel), which was developed by Bio-On from 2008 to 2019 and still stands at the forefront worldwide.
Thanks to its fifty-years know-how in the tech-polymers’ market and its advanced experience in the “compounding” of all types of plastics, MAIP Group strongly believes in the relaunch of Bio-On.
The synergistic advantages of the operation at an industrial and strategic level are quite obvious, considering both Bio-On’s leadership position in the production of PHA powder and the unique know-how
With this deal, Italy becomes a center of excellence worldwide in the production of PHA, the most interesting biopolymer on the market today.
PHA is a natural polymer, like our skin or hair, created by nature and for nature as it is biodegradable in any condition, in any environment.
It is NOT a plastic, but it may be transformed and worked with all plastic technologies.
Thanks to its unique and superior performance, PHA sits at the forefront in the field of biopolymers.
Bio materials are expected to have an impressive progress in the next 30 years and PHA, in particular, is expected to experience a significant growth globally in the next 5 years.
Chairman Eligio Martini stated:
“Thanks to this deal and the important synergies it allows – MAIP Group, expands its value chain and accelerates the production of sustainable products with high technological value. To ensure the success of the operation, we asked Marco Astorri to collaborate with us as we believe that his experience and skills are absolutely critical for the relaunch of Bio-On. Our goal is to offer the market an excellent portfolio of unique and innovative materials with few equals worldwide; it will rely on over 500 formulations based on polyhydroxyalkanoates (PHA), in powder and granules.”
“Haruki and MAIP Group were supported for this transaction by BonelliErede, with a team led by partner Marco Arato – leader of the Focus Team on Corporate Crisis and Debt Restructuring – supported by associate Federico Sacchi.
Financial and accounting assistance was provided by Studio Rinaldi, whose team included partners Paolo Rinaldi and Alessandro Savoia.
Pavesio and Associates with Negri Clementi – in the person of partner Gabriele Fagnano – and Studio Giubbilei Pantaleo – in the person of partner Marco Giubbilei -, also assisted in the transaction.”
MAIP Group, founded in 1962, has been a leader in the polymer market in Italy for over 60 years.
The Group consists of four companies: MAIP, Plastotecnica, MAIP Compounding and Ciceri de Mondel, the first two operate in the distribution of plastics , the third in the production of advanced compounds and the last in the production of semi-finished products.
In particular, MAIP Compounding offers highly innovative formulations in the field of technopolymers and sustainable polymers, including mechanical recycling, chemical and molecular recycling products and biopolymers.
MAIP Group won the prestigious global Bioplastic Award thanks to its innovative biopolymer IamNature®, based on PHA.
The ceremony took place in Berlin in front of 300 scientists from all over the world.
For more information visit the website http://www.maipsrl.com
For further information: MAIP Group Headquarters: 10036, Settimo Torinese (Turin) – Via Giovanni Verga 30