Marinomed files again for restructuring proceedings without self-administration

The aim of the renewed restructuring proceedings without self-administration is „die finanzielle Stabilität des Unternehmens durch Abschluss eines neuen Sanierungsplans abzusichern." This is stated in a company announcement. In addition to the new restructuring plan, Marinomed announced further restructuring measures.

Background: Already insolvent in 2024

Marinomed is a biotech specialist headquartered in Korneuburg and has been listed on the Vienna Stock Exchange since 2019. The company was already insolvent in mid-2024 and had to undergo restructuring proceedings without self-administration, which were concluded in January 2025. Now, within less than two years, the company once again faces insolvency proceedings.

In addition to the restructuring measures, Marinomed intends – according to its own statements – to use the legal options available against Unither Pharmaceuticals arising from the sale of the Carragelose business, as well as the assets of the Marinosolv platform. This is intended to strengthen the company's financial basis.

Carragelose sale to Unither

The company had sold the Carragelose business unit, which includes, among other things, active ingredients for nasal sprays and throat lozenges, to Unither Pharmaceuticals. Following the breakdown of negotiations by Unither and the failure of the agreed payments to materialise, Marinomed slipped into renewed financial difficulties.

With the now-filed proceedings without self-administration, a court-appointed restructuring administrator takes control of key decisions. Self-administration would mean that management would steer the restructuring itself; Marinomed is foregoing that option this time. The proceedings are intended to enable the company to negotiate a new restructuring plan with its creditors.

Marinosolv platform as remaining asset

The Marinosolv platform, a technology for improving the solubility of active ingredients, is one of the company's remaining assets. Marinomed apparently intends to use these assets to generate new revenues or find strategic partners.

The case illustrates the risks facing smaller, listed biotech firms that are dependent on a few products and licensing partners. The default of a single business partner such as Unither Pharmaceuticals can call into question the entire financing of such a company.

Outlook on the restructuring proceedings

Should the court accept the application, a restructuring administrator will be appointed and a restructuring plan will be drawn up that must be approved by the creditors. Until then, it remains unclear how many jobs in Korneuburg will be affected and which creditor claims will be asserted in the new proceedings.

Marinomed had most recently provided no concrete information on the extent of its financial difficulties or on the amount of the outstanding claims against Unither. The company also did not initially comment on possible effects on its workforce and on existing customer relationships.