Creditors unanimously approve Stute insolvency plan – PLUTA attorney Stefan Meyer involved as insolvency monitor

Creditors unanimously approved the insolvency plan in the Stute Nahrungsmittelwerke GmbH & Co. KG debtor-in-possession proceedings today. RSM Ebner Stolz had drawn up the plan in close consultation with the insolvency monitor Mr Stefan Meyer and his PLUTA team. The food producer has therefore been restructured, ensuring the company and its jobs have been saved.

Stute is an important food producer specialising in the production of a broad assortment of jams and spreads. Since its foundation, the company has established itself in the market as an expert in high-quality and innovative food products. Stute became one of the leading companies in this sector thanks to its clear strategic direction.

In light of a range of challenges and particularly significant changes in circumstances, the company decided to restructure as a debtor in possession under insolvency proceedings. It filed the corresponding application with the Local Court of Paderborn, as the competent insolvency court, on 17 April 2024. The proceedings were opened by an order issued by the court on 1 July 2024.

Already on 16 September 2024, it was announced following the first creditors’ assembly that good progress was being made towards preserving the Abtsbrede site as part of a continuation solution drawn up under the insolvency proceedings. Creditors unanimously approved the insolvency plan at the discussion and voting meeting on 13 December 2024. Now confirmed by the court as well, the insolvency plan is an essential component for the continuation and restructuring concept developed with the close involvement of shareholders, management and the insolvency monitor. The insolvency plan envisages an exceptional insolvency dividend of 96%. It will now be possible to terminate the proceedings in the near future.

Stute’s continued autonomy and independence are assured now that the insolvency plan has been confirmed. Its preservation and successful restructuring reflect the engagement and confidence shown by the shareholders, who have established the essential financial foundations for the company’s future.

A multidisciplinary team at RSM Ebner Stolz has been supporting the restructuring process. The Local Court of Paderborn appointed Mr Stefan Meyer, a specialist attorney for insolvency and restructuring law from PLUTA Rechtsanwalts GmbH, as insolvency monitor.

Restructuring expert Mr Meyer said, “I am delighted with the unanimous vote by the creditors at today’s discussion and voting meeting at the Local Court of Paderborn. This confirms the good, constructive and purposeful collaboration of the company’s staff, management, the RSM Ebner Stolz team and my PLUTA team. In particular, I would like to express my gratitude to the employees for their tireless efforts during the months of the proceedings; I am especially pleased that they will retain their jobs.”

The RSM Ebner Stolz team: Mr Jan Hendrik Gross (partner, general agent), Dr André Obmann, Mr Robin Bachmayer, Ms Carolin Göb-Jungclaus (all restructuring), Mr Franz Schneider (tax), Mr Oliver Haas, Mr Benjamin Liermann (both transaction advisory services), Mr Nils Keil, Mr Tobias Knipping (both RSM Ebner Stolz management consultants)

The PLUTA Rechtsanwalts GmbH team: Mr Stefan Meyer (insolvency monitor), Mr Christoph Chrobok, Dr Ria Brüninghoff, Ms Nadja Neuber (all insolvency and restructuring law)