French insect farming company Ÿnsect is seeking judicial recovery after failing to secure financing under its safeguard plan. Despite extensive negotiations, the company was unable to reach an agreement with investors and will run out of cash by March. Ÿnsect has filed a request to convert its safeguard procedure into judicial recovery, which will allow for a call for tenders to potential buyers. The company, which has raised $580 million since 2011, began protein production at a large-scale facility last summer but needs additional funding to reach profitability. Ÿnsect reported €5.8 million in revenue for 2023 with €104 million in liabilities, and requires about €130 million to achieve target revenues of €131 million by 2028.
Source: Breaking: Ÿnsect seeks to enter judicial recovery procedure after recovery plan fails