60% dividend for creditors in Töpfer GmbH debtor-in-possession proceedings

There is good news for creditors of Töpfer GmbH: less than two years after insolvency proceedings were initiated, they have now received a second, and therefore final, dividend. The dividend rate in the debtor-in-possession proceedings for the organic baby food manufacturer is an above-average 60%.

Töpfer applied for debtor-in-possession proceedings in April 2024 with a view to restructuring itself. A team of professionals from PLUTA Rechtsanwalts GmbH supported the manufacturer of organic baby food, with business management expert Mr Ludwig Stern and attorney Mr Florian Zistler acting as general agents. The PLUTA team also comprised attorneys Dr Maximilian Pluta and Mr Daniel Barth (Master of Laws, LL.M.) as well as Mr Dennis Stroh (Master of Laws, LL.M.), Ms Celine Plaschke and Mr Sven Arnstadt. The insolvency monitor was attorney Professor Dr Martin Hörmann from law firm Anchor. In addition to overseeing the proceedings and representing the interests of the creditors, the insolvency monitor distributed the payments in accordance with the provisions of the confirmed insolvency plan.

Debtor warrant increases dividend for creditors

The debtor-in-possession insolvency proceedings for the assets of Töpfer GmbH were successfully completed on 7 May 2025. The insolvency creditors already received the first distribution under the insolvency plan (43%) in summer 2025. The final distribution has now also been made (under a debtor warrant), meaning that creditors have received a further 17% payment. Under the terms of the insolvency plan, the creditors were guaranteed a recovery rate of 43%. The plan also provided for a debtor warrant, which has now taken the dividend to around 60%.

PLUTA attorney Mr Florian Zistler expressed his satisfaction with the outcome: “The proceedings produced the best possible result for the company and creditors. The cooperation with the insolvency monitor and all involved was excellent. The continuation of operations and the investor solution achieved enabled this success.” Insolvency recovery rates tend to be in the mid-single-digit range on average.

Insolvency monitor Professor Dr Martin Hörmann from law firm Anchor said, “This case clearly demonstrates the potential of well-structured debtor-in-possession proceedings and viable insolvency plans. Such outcomes are a testament to a clear strategy, precise implementation and close coordination between all concerned.”