Kerry Group chief executive Edmond Scanlon bet big on a consumer move to plant-based foods. So far it hasn't paid off. Photograph: Colm Mahady/Fennells
After months of battling bankruptcy rumours, Beyond Meat, the US maker of plant-based substitutes including chicken nuggets and beef burgers, waved the white flag this week on its debt pile and agreed a deal with bondholders to eliminate $800 million of borrowings.
The restructuring – which will see the creditors accept bonds worth less than what they are owed as well as shares in company – sent Beyond Meat’s stock to an all-time low on Wall Street.
But it gives the 16-year-old Californian group a fighting chance after weathering a slump in sales over the past four years amid a change in perception of how healthy highly processed meat alternatives actually are – and the fact, in these price-conscious times, that they are, kilo for kilo, generally mo
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