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🇦🇹 Austria /Health & Science

Marinomed Biotech to seek restructuring without self-administration

From Der Standard · () German

Translated from German, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Austrian biotech firm Marinomed Biotech AG is seeking to file for restructuring proceedings without self-administration.
  • The company cites the inability to implement its restructuring plan due to a lack of payments from Unither Pharmaceuticals related to the sale of its Carragelose business.
  • This situation threatens Marinomed with insolvency.

Austrian biotech company Marinomed Biotech AG is preparing to file for judicial restructuring proceedings without self-administration, signaling a critical financial juncture for the firm. The decision stems from the failure to execute a court-approved restructuring plan, originally sanctioned on November 14, 2024.

The core issue lies with Unither Pharmaceuticals, which has reportedly halted negotiations and failed to make payments associated with the sale of Marinomed's Carragelose business segment. This breach of agreement has rendered the previously approved restructuring plan unworkable, pushing Marinomed towards insolvency.

The Korneuburg-based pharmaceutical company announced its intention to file for these proceedings on Thursday evening. The move indicates a severe liquidity crisis, as the company can no longer meet its financial obligations without external intervention.

DistantNews Editorial

Originally published by Der Standard in German. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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