PLUTA attorney Michael Bohnhoff achieves solution for food-tech company Prolupin

Creditors of Prolupin GmbH have approved the purchase agreement negotiated by insolvency administrator Mr Michael Bohnhoff from PLUTA Rechtsanwalts GmbH with the investor. The agreement provides for the acquisition of part of the food-tech company’s operations by a subsidiary of listed Wide Open Agriculture Limited, based in Australia, as part of an asset deal.

The production and distribution of lupine-based end products (yoghurt, ice cream, desserts, etc.) for consumers had to be discontinued under the insolvency proceedings. With the business generating extraordinarily high losses, no investor could be found for it in the limited time available.

Outstanding research results preserved

Thanks to the creditors’ approval, it will be possible to sell the company in the near future; 15 employees will be kept on by the investor. PLUTA restructuring expert Mr Bohnhoff summarised the situation, “The method for producing a vegetable protein from lupine seeds, originally developed by the Fraunhofer Institute after comprehensive research work since the 1990s, will remain available in the market thanks to the sale. I am pleased that the agreement reached makes it possible to preserve these outstanding research results for the future and even to further pursue research in this field.”

The sale will also have a beneficial effect on the insolvency estate, which will be significantly increased by the proceeds from the transaction. “The solution now achieved represents the best possible outcome for the creditors, as they can probably expect to receive a higher-than-average dividend,” added Mr Bohnhoff.

Wide Open Agriculture (WOA) operates in the renewable food and agriculture sector in Australia and is listed on the Australian Securities Exchange (ASX). Its main product is a vegetable protein obtained from lupines.