Planethic Group AG enters insolvency proceedings

The District Court of Potsdam has opened insolvency proceedings for Planethic Group AG, formerly known as Veganz Group AG, a food technology holding company focused on plant-based products. The court has also ordered self-administration for the company.

Under this arrangement, the management board retains the authority to manage and dispose of the insolvency estate but will operate under the supervision of an appointed administrator, Prof. Dr. Torsten Martini from GÖRG Insolvenzverwaltung Partnerschaft. The company intends to continue its business operations.

The insolvency is expected to significantly impact the company's assets, finances, and earnings, as well as the legal standing of its financial instrument holders. Claims regarding the approximately 10 million EUR 7.5% corporate bond (2020/30) are classified as insolvency claims. Shareholders face the possibility of a total loss of invested capital, as their claims are subordinated to all other insolvency claims.