Biovegan GmbH is entering into self-administration proceedings for restructuring

Biovegan GmbH - an organic pioneer since 1986 and manufacturer of vegan baking and cooking ingredients - based in Bonefeld near Neuwied filed an application with the Neuwied district court to open self-administration proceedings. As a result, the process management remains with the company. The reasons for this step are primarily the challenges in the current market environment, which have not brought the company to the required level of profitability quickly enough.

“The business operations of Biovegan GmbH will continue without restrictions in the self-administration proceedings that have now been initiated,” emphasizes lawyer Dr. Philipp Grub from the law firm GRUB BRUGGER. The wages and salaries of around 105 employees are secured by insolvency money until the end of September 2023. The aim is for Biovegan GmbH to be able to operate independently on the market again after the proceedings have been completed.

Sven Pursche, partner at novaerion and managing director of Biovegan GmbH, adds: “The options of self-administration proceedings provide the best framework for implementing a restructuring and leaving the process as quickly as possible.” In doing so, the company will review and pursue all restructuring options.

“The current step is the start of a solution for Biovegan's sustainable future,” say Pursche and Grub.

The competent insolvency court appointed Koblenz lawyer Dr. Alexander Jüchser from the law firm LIESER Rechtsanwälte as interim trustee. In self-administration proceedings, this has the monitoring function so that the planned restructuring does not result in any disadvantages for creditors. In contrast to regular insolvency proceedings, however, he has no administrative or supervisory authority.

“Biovegan is all about natural enjoyment. We want to make vegan life easy and delicious. Our promise is: “Pure pleasure with a good conscience.” Transparency, honesty and sustainability play a central role in this. Issues that continue to gain in importance in the ongoing change in consumer values. Even though the current situation is a challenge for everyone involved for now, we are convinced that by implementing the measures that have already been initiated, we will soon be able to leave the self-administration process stronger and continue to stick to Biovegan's mission,” says Sven Pursche.