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Shareholders have approved a potential share issue as production delays at Avantium’s Delfzijl bioplastics factory add to its financing needs.
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Avantium shareholders authorised the Dutch bioplastics maker on Wednesday to raise tens of millions of euros by issuing new shares, ANP reported. The approval allows a share issue; it does not mean the money has already been raised. Avantium said in August that it wanted to raise at least €55 million this way. [1]
The company built a factory in Delfzijl to make a plant-based alternative to PET, a plastic widely used in bottles and food packaging. Quality problems with pipes delayed the start of production, leaving Avantium with little revenue and a need for more financing, ANP reported. [1]
Avantium is also in talks over a €20 million loan from the Noordelijke Ontwikkelingsmaatschappij that could be converted into shares. [1]
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