German plant-based firm Planethic Group has filed for self-administration to restructure its operations.
In a court filing, Planethic, formerly known as Veganz, stated the measure aims to sustain restructuring efforts and ensure the company’s long-term competitiveness.
Under German law, self-administration allows management to retain operational control while under court-appointed trustee oversight.
Planethic emphasized that continuing operations during insolvency proceedings “offers the best prospects for successful restructuring.”
The June 25 filing confirms business activities will proceed uninterrupted, with customers, suppliers, and partners able to maintain existing collaborations.
Just Drinks has requested additional details from Planethic.
This follows a nearly year-long restructuring that separated operating divisions into subsidiaries under a holding structure.
The 2022 reorganization transformed Veganz into a parent company overseeing subsidiaries Mililk, Happy Cheeze, Peas on Earth, and the renamed Veganz brand. Shareholders approved the change in August.
The restructuring aimed to enable targeted investments in specific subsidiaries and improve growth potential across business units.
Planethic clarified that self-administration applies only to its parent holding company, with subsidiaries and equity investments unaffected by the proceedings.
Employees were informed about the process, with salary obligations safeguarded under statutory insolvency protections.
The insolvency filing resulted in postponing the July 21 bondholders’ meeting, which was set to address a €10 million corporate bond with a 7.5% annual interest rate.
“The legal and economic changes from the insolvency filing make timely bondholder resolutions currently unfeasible,” the filing noted.