Chemical firm Vynova gets 3 extra months' protection from creditors

The chemical company Vynova, located in Tessenderlo-Ham, has been granted an extension of three months of protection from its creditors. The Hasselt Enterprise Court has prolonged the period during which the company can reorganize its affairs until September 26, providing crucial breathing room for management to secure a new owner.

This extended protection means Vynova cannot be declared bankrupt for the time being, and creditors are barred from seizing company assets to recover their debts. The original protection period was set to expire on June 26. Company spokesperson Yannick Brusselmans stated that intensive behind-the-scenes work is underway to facilitate a turnaround under new ownership.

"With this extra time, we can properly conclude the ongoing discussions and reach an agreement," Brusselmans explained. The coming months are critical for the factory's survival, with significant deadlines approaching. Vynova must submit its definitive reorganization plan and a proposal for debt restructuring by August 21. Subsequently, creditors will convene on September 11 to vote on the company's final rescue plan.