Dutch Pieter Pot, the sustainable packaging company, has recently faced a setback with the declaration of bankruptcy. However, the team behind the company does not seem to be giving up on their mission.
All thanks to the support of dedicated crowdfunders, Pieter Pot has a real chance of making a comeback.
“We have made this plan more concrete over the past few days and we are happy to tell you that this is a very feasible plan,” says the company.
Last week, Pieter Pot officially declared bankruptcy after the Rotterdam court declined to grant them an additional week for an alternative rescue and financing plan.
However, the holding company, Pieter Pot Beheer BV, which holds the shareholders and certain intellectual property rights, remains unaffected by the bankruptcy.
Consequently, the holding company — Pieter Pot Beheer BV has initiated the crowdfunding campaign intending to issue shares to interested investors.
The crowdfunding campaign has been adjusted to a minimum goal of €1.25M, significantly less than the initial target.
At the time of writing this article, Pieter Pot Beheer BV has closed €1.20M (96 per cent) of its funding target.
According to the company, the funds raised will be allocated towards two main objectives:
- Repayment of debts: A portion of the funds will be used to settle outstanding debts. Pieter Pot aims to reach an agreement with the trustee for the acquisition of assets, paving the way for a relaunch.
- Rebuilding the business: The remaining funds will be utilised to replenish the product inventory and finance operations until the company reaches a break-even point, expected before the summer.
Currently, Pieter Pot is actively engaging with the trustee to discuss the acquisition of goodwill and business assets from PieterPot BV.
This collaboration is essential for the relaunch to proceed smoothly, claims the company.
The company intends to discuss future cooperation opportunities with its creditors, taking into account their impact.
Pieter Pot has extended the crowdfunding campaign until Monday, January 15, 2024, to ensure transparency and give potential investors ample time to decide.
This extension allows investors to evaluate the new plan and make an informed decision.
Additionally, reaching an agreement with the curator before the deadline is crucial for the success of the relaunch.
If Pieter Pot achieves the minimum fundraising goal, curator agreement, and partnership with creditors by January 15, 2024, it can start its journey of rebuilding.
“Again it is painful that bankruptcy has been declared with all its consequences for our suppliers, partners, and team. However, the new situation offers us hope for a relaunch and continuation of our mission,” says the company.
Read the orginal article: https://siliconcanals.com/news/startups/dutch-pieter-pot-looks-to-bounce-back/
