Breeding company Green4Health was declared bankrupt last week by the court in Groningen. The Dutch company was unable to reach an agreement with the creditors, including some tomato growers with a participation in the company. The curator will now take care of the settlement. The preference is for a restart, but in any case the goal is to sell the estate at the highest possible price.
Green4Health is a start-up company focusing on the development of tomatoes where taste, good bite, luxurious appearance and quality are paramount. The company is heavily indebted and was forced to apply for suspension of payment last month.
A lot of interest
The first parties with an interest in the company had reported to tax lawyer and appointed curator Paulien Waninge from PlasBossinade. "I hear from the market that there is a lot of interest in the company, so I am eagerly entering into the settling of this yet sad bankruptcy. Additional interested parties can report to me."
Renewed activity
Greenco, which had a participation in the company, said when asked through CEO Robert Ketelarij: "We will vigorously exercise our right to that part of the intellectual property in the bankrupt Green4Health that is of interest to us.
We do this both for fundamental reasons and for possible renewed activities in this area, possibly with new strategic partners."
Complex situation
The investments from the growers with a stake in the company, including Greenco, so far did not have the desired effect, as Waninge already reported two weeks ago. At the time, she already thought that an agreement between the breeding company and the creditors would be very difficult. This because of the 'complexity of the situation'.
The burdens with high interest and repayment costs on the development of breeders' rights continued to rise for the breeding company, which, incidentally, did have prospects of achieving 'sufficient turnover' in the future, according to Waninge. However, this point was not reached. The coronavirus did not play a role in the matter of the bankruptcy.
Together with the bankruptcy of Green4Health, also Gh Vastgoed B.V. was declared bankrupt. That company holds the greenhouse and the warehouse that Green4Health was using.
For more information:
PlasBossinade
Paulien Waninge
waninge@plasbossinade.nl