Biotech
The Biotech Company Euroespes Enters Bankruptcy Proceedings
Euroespes was listed on BME Growth for twelve years, but because of its entry into bankruptcy proceedings, the regulator has suspended its listing. Before the suspension, its shares were trading at around 35 cents, with an annual drop in value of 32%. The company works with protocols to predict the individual risk of suffering from a series of diseases linked to the CNS and vascular system.
Euroespes, against the ropes. After the end of the three-month period to continue negotiating with its creditors, the biomedical company announced its decision to enter bankruptcy proceedings.
“Given the impossibility of reaching an agreement to restructure the debt of the company and its subsidiary Euroespes biotechnology in the terms proposed by the Board of Directors and given that pre-bankruptcy protection expires on October 21st, the Board has taken the decision to request the declaration of voluntary bankruptcy,” as expressed by the company in the statement sent to BME Growth.
On April 24th, Euroespes requested a pre-bankruptcy of creditors. The biomedical company had a debt of more than €5 million. Therefore, the board of directors decided to launch debt restructuring negotiations with its creditors.
The company alleged that the main reason for promoting the process was due to the fact that the planned cash had suffered a delay in generating additional resources and, on the other hand, the renegotiation of the debt had also failed.
The accounts for the first half of last year presented by the company recorded a debt of more than €5.1 million. The company had two pending mortgage loans with Santander and Sabadell, as well as ICO loans with Abanca, Caixabank, and Bbva.
Read more about Euroespes bankruptcy and find the most important business news of the day with our companion app Born2Invest.
The capital of Euroespes is distributed between Moira Capital (44.18%), Ramón Cacabelos (18%), and Caja Rural de Soria (5.4%)
On July 14, the biomedical company demanded an extension of the pre-bid. “Consent for the extension has been requested from the creditors that represent more than 50% of the liabilities; it will then be presented to the Commercial Court of A Coruña,” according to the company in a statement sent to the stock market regulator.
Therefore, once the extension period has passed, Euroespes has been forced to enter bankruptcy proceedings. “The application will be presented within a period of one month in the competent court of A Coruña,” indicates the biomedical company in the recent statement to BME Growth.
Currently, the capital of Euroespes is distributed between Moira Capital, which controls 44.18% of the shares; Ramón Cacabelos, founder of Euroespes, holds 18% of the capital directly and indirectly, and Caja Rural de Soria holds 5.4%. The rest are minority shareholders.
The company based in Bergondo (A Coruña) was listed on BME Growth for twelve years, but as a result of its entry into bankruptcy proceedings, the regulator has suspended its listing. Before the suspension, its shares were trading at around 35 cents, with an annual drop in value of 32%.
The company works with protocols to predict the individual risk of suffering from a series of diseases linked to the CNS and vascular system. These include Parkinson’s, Alzheimer’s disease, senile dementia, and multiple sclerosis.
__
(Featured image by viarami via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
-
Business2 weeks ago
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [CryptoTab Affiliate Program]
-
Markets3 days ago
Global Sugar Markets Dip Amid Brazil’s Rain Delays and Future Supply Uncertainty
-
Africa1 week ago
Morocco and France Strengthen Ties with Economic Deals
-
Crypto12 hours ago
Bitcoin Hits New All-Time High – Donald Trump and US Election Drive Up Price