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LIVESTOCK PROTEIN MANUFACTURER YNSECT FAILS TO SECURE FUTURE FUNDING
Mar. 10, 2025
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| Ynsect |
by Elaine Watson, AgFunder News
French insect ag pioneer Ÿnsect has requested to enter a judicial recovery procedure with the Evry Commercial Court in France after failing to secure financing under its safeguard plan.
Ÿnsect, which filed a safeguard plan with a commercial court last September, issued a tender offer on January 17 to determine interest from potential investors or acquirers by February 17.
However, it has been "unable to reach an agreement on the financing of a safeguard plan, despite the extensive negotiations and work that took place," a spokesman told AgFunderNews this morning.
"Under these conditions and taking into account the company's cash flow shortage [it will run out of money at the end of March]... the presentation of a backup plan now appears clearly impossible. Consequently, a request for conversion of the safeguard procedure into a judicial recovery procedure was filed with the Evry Commercial Court in order to be able to initiate a call for tenders for a takeover into a transfer plan as soon as possible."
He added: "When the judicial recovery is pronounced, Ynsect will be placed under judicial administration.The judicial recovery procedure, and the call for tenders for the sale plan which will be initiated there, will make it possible to offer potential buyers who have expressed signs of interest, as well as any new ones, a different legal framework adapted to a rapid resumption of the company's activities.
"Ÿnsect thus remains under the protection of the Evry Commercial Court and is actively seeking one or more buyers as part of a sale plan. Candidate buyers are invited to contact the judicial administrator in order to be able to access the data room."
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