Marinomed Biotech AG aims for financial reorganization by restructuring proceedings without self-administration

Marinomed Biotech AG (VSE:MARI) announces to apply for the initiation of court restructuring proceedings. The aim is to carry out restructuring proceedings without self-administration.

As a result of the inability to raise funds required at short notice to secure the Company’s liquidity, insolvency is imminent. As announced, revenue expectations for the 2024 financial year could not yet be realized as planned. Aim of the restructuring proceedings without self-administration is to sustainably secure the Company’s financial stability according to a restructuring plan. For this purpose, besides restructuring measures, proceeds from the realization of strategic options regarding the Carragelose business are intended to be used. The publication of the half-year financial statements planned for August 20, 2024, has been postponed.