Italian bioplastics company Bio-on Plants srl has appointed Riccardo Casoni as its general manager to replace Vittorio Folla, who resigned from the post in September following accusations of market manipulation leveled against the company.
The appointment followed a Dec. 2 announcement by the beleaguered company stating that it had initiated a study into a debt restructuring process and a possible use of insolvency procedures to maintain business continuity.
“The appointment meets the primary need to ensure stable and coordinated management of all operational and planning activities of the company with the aim of making them more effective,” said Bio-On in a Dec. 5 statement.
Casoni has previously held management positions in other Italian companies. He served as director of environmental quality and safety of Italian sugar company Società Italia Zuccheri SpA.
Based in Bologna, Bio-On is commercializing polyhydroxyalkanoate (PHA) resins, a biodegradable polyester made by bacterial fermentation of sugar.
The company came under severe financial pressure and legal investigation following a report in July by the New York-based asset management firm Quintessential Capital Management, which claimed Bio-On was “a house of cards, a scheme conceived by management to enrich themselves on at the expense of shareholders."