German vegan firm Planethic files for self-administration

German plant-based firm Planethic Group has lodged an application for so-called self-administration.

In a stock-exchange filing, Planethic, formerly called Veganz, said the move would help the business "continue the restructuring measures already initiated and to secure the company's long-term competitiveness".

Under German law, self-administration allows a company's management to retain operational control,while working under the oversight of a court-appointed trustee.

Planethic said its board had decided "continuing the business within insolvency proceedings under self-administration offers the best prospects for a successful restructuring".

The filing, made on 25 June, read: "Business operations will continue without interruption. Customers, suppliers and business partners can continue to work with the company as usual."

Just Drinks has asked Planethic for further details.

The move comes almost a year after the company overhauled the structure of its business.

The then Veganz put its operating divisions into separate subsidiaries and moved to a holding structure.

It remained the majority owner of each of the subsidiaries – Mililk, Happy Cheeze, Peas on Earth and Veganz.

Fuente original: Yahoo Finance (https://finance.yahoo.com/small-business/articles/german-vegan-firm-planethic-files-112749981.html)