MARO creditors to vote on insolvency plan from PLUTA restructuring expert Ivo-Meinert Willrodt

Mr Ivo-Meinert Willrodt from PLUTA Rechtsanwalts GmbH, insolvency administrator for MARO, has announced the next step in the cooperative’s insolvency proceedings. The restructuring expert said, “Following the successful raise of more than 4.45 million euros in capital and the positive resolution at the meeting of members, we will now put the insolvency plan to the creditors for their vote. The Local Court of Munich has scheduled this for 11 March 2025.” All of the members and creditors involved will receive a copy of the insolvency plan by post in the coming days.

If the creditors’ assembly approves the plan, MARO will be saved and can commence operating independently again. The cooperative’s future therefore rests in the hands of the creditors’ assembly, which will decide on acceptance of the plan.

Above-average recovery rate

If the plan is accepted, an initial dividend payment to creditors is already foreseen in the near future. Insolvency administrator Mr Willrodt said, “We expect a recovery rate of around 50%. Creditors will therefore receive an above-average payment if a majority approve the plan in March.” Insolvency recovery rates tend to be in the single-digit range on average.

Once the insolvency plan enters into legal force, an initial dividend is paid to creditors and the proceedings are terminated, MARO will again be able to act independently and the insolvency proceedings could be completed in early summer 2025. The cooperative will be stably positioned thanks to secured funding, allowing for the planned completion of residential developments in Andechs, Wielenbach, Wolfratshausen and Landsham. MARO 2.0 will be stronger, restructured and reorganised going forward, ensuring it can continue to create affordable housing for its members.

Attorney Ms Marlene Scheinert, who is supporting the proceedings within the PLUTA restructuring team, is also feeling positive: “All stakeholders are optimistic about the forthcoming vote and a fresh start for MARO 2.0 in the near future. A special thank you goes to the many supporters. The financial support from the banks and other banking partners is also crucial to the success of the restructuring.”