German Plant-Based Pioneer Planethic Group Files for Self-Administration

Planethic Group, formerly known as Veganz Group, has filed for self-administration in order to ensure its long-term competitiveness after restructuring its business last year. The company, which owns plant-based brands such as Mililk, Happy Cheeze, Peas on Earth, and Veganz, will continue its operations under the oversight of a court-appointed custodian.

The restructuring puts a spotlight on the company's focus on plant-based dairy brand Mililk, which offers oat milk sheets that can reduce emissions by 90%. Despite facing financial challenges, the company is looking to continue its restructuring measures for a sustainable turnaround. The move to self-administration only affects the holding company, with subsidiaries and equity investments remaining unaffected by the proceedings.