Two major Italian newspapers have revisited the collapse of bioplastics producer Bio-on as founder Marco Astorri prepares for another appeal hearing on 18 November 2026.
In reports published by La Repubblica on 4 November and Avvenire on 5 November, Astorri defended his management of the company, challenged his criminal conviction and discussed the short-seller report that preceded Bio-on’s collapse in 2019.
From bioplastics pioneer to bankruptcy
Founded in Bologna, Bio-on developed technology to produce polyhydroxyalkanoates (PHA), biodegradable polymers derived from renewable feedstocks, including agricultural by-products.
The company listed on Milan’s AIM Italia market in 2014. Its market capitalization subsequently exceeded €1 billion, attracting investors interested in alternatives to conventional petroleum-based plastics.
In July 2019, Quintessential Capital Management published a critical report questioning Bio-on’s financial statements, business model and valuation. The company’s share price collapsed. Criminal investigations followed, and Bio-on was declared bankrupt in December 2019.
Astorri disputes the allegations
Speaking to La Repubblica, Astorri rejected the characterization of Bio-on as an elaborate financial fraud. He maintained that the company’s technology was genuine and that Bio-on had invested heavily in industrial development, research, personnel and manufacturing facilities.
He acknowledged shortcomings in the company’s organization and communications as the business expanded rapidly.
In Avvenire, Astorri discussed the research, experimentation and industrial investment needed to develop biodegradable polymers. The company’s ambitions extended beyond packaging into potentially higher-value applications.
The financial system and the appeal
Astorri criticized financial speculation surrounding Bio-on. He argued that the July 2019 short-seller report caused immediate reputational damage and undermined confidence in the company.
These statements are Astorri’s account of events, rather than independent findings concerning the conduct of investors or financial institutions.
In November 2024, Astorri received a first-instance sentence of five years and two months in proceedings involving bankruptcy and accounting allegations. He is challenging that conviction.
The appeal proceedings are continuing in Bologna, with a further hearing scheduled for 18 November.
The renewed coverage by two Italian newspapers highlights the continuing debate surrounding Bio-on’s collapse: the distinction between its technological achievements, financial management, and the circumstances in which investors and creditors suffered substantial losses.
Sources
- La Repubblica, 4 November 2026 — Marco Bettazzi, interview with Marco Astorri
- Avvenire, 5 November 2026, p. 11 — “Bio-On, in appello il crac della bioplastica” (print edition)
