PLUTA attorney Ivo-Meinert Willrodt submits insolvency plan in windeln.de proceedings

Mr Ivo-Meinert Willrodt from PLUTA Rechtsanwalts GmbH has submitted an insolvency plan to the Local Court of Munich in the proceedings for windeln.de SE. The plan, which has been authored by the insolvency administrator and presented in accordance with his right of submission under sentence 1 of section 218(1) of the German Insolvency Code (InsO), puts the debtor’s creditors on a better footing than would otherwise be the case.

The creditors’ assembly for the vote on the insolvency plan will be held at the Local Court of Munich on 11 December 2023. Creditors can find further information on the insolvency plan on the PLUTA website.

High insolvency dividend for creditors

If the insolvency plan is approved, the non-lower-ranking creditors are expected to receive a 43.946% insolvency dividend. If the plan is rejected, however, a lower dividend of probably 39.515% is anticipated.

Mr Willrodt said, “We will achieve an insolvency dividend of around 44% for the creditors with the insolvency plan. This is exceptionally high in proceedings for an e-commerce company.” In addition to securing the best possible dividend for creditors, the aim is to reduce the company’s debt and clear the way for a takeover of all of its current shares by investors.

Specifically, MERIDIANA Capital Group GmbH, MERIDIANA Blockchain Ventures SE, SEASIDE Capital Markets GmbH, NEKO Securities Ltd. and Anlagenwert Hamburg GmbH have made a binding offer to acquire the company’s shares to ensure the debtor’s long-term preservation and to keep it listed on the stock exchange. The business would continue operating under a new company name with its brand portfolio (DIMBO, Max & Lily, NAKIKI, DARLY) and maintain its brand focus on ‘everything for your baby’.

On 30 January 2023, insolvency proceedings were opened for the assets of windeln.de SE on account of illiquidity and over-indebtedness and Mr Willrodt was appointed administrator. Prior to that, by an order of 7 November 2022, the restructuring expert had been appointed provisional insolvency administrator. He is being supported in the proceedings by PLUTA attorney Mr Wolfgang Bernhardt.