One billion euros for P&R creditors

According to estimates by the insolvency administrator Michael Jaffe, investors in the container rental company P&R can expect compensation in the billions.

Many investors have lost a lot of money with a P&R container facility.

Dhe around 54,000 creditors of P&R, the scandal-ridden, insolvent investment provider, can hope to see part of their money again in the near future after concluding settlement agreements. Overall, the insolvency administrators want to generate a billion euros from the disposal of the containers and distribute it to the creditors. By the end of the year, they want to raise more than 250 million euros.

In November, those claims for which there are signed settlement agreements are to be formally established. This determination is a prerequisite for participating in down payment distributions. Ultimately, a settlement proposal should be presented to all creditors. The insolvency administrators Michael Jaffé and Philip Heinke estimate the ascertainable volume of receivables at just over three billion euros.

The utilization of the container fleet, mainly from rental, currently shows a very positive picture. “It turns out that the decision not to make an emergency sale, but to convince the creditors to continue with the container recycling undisturbed and to secure the proceeds in the interests of everyone, was absolutely correct. If the structures had collapsed, the creditors would have come away empty-handed, ”says Jaffé.

Claims against former managing directors and consultants are not expected to result in any income that would significantly increase the quota. The insolvency administrators, on the other hand, expect much more from possible repayments of payments made to investors.

There have recently been setbacks for investors who chose to go it alone. According to the insolvency administrator, the Munich Higher Regional Court decided at the beginning of September that investors without a certificate of ownership have neither a claim to a container nor against the non-insolvent Swiss company. The Bonn Regional Court also ruled in the summer that an investor with a certificate also had no preferential claim to rent payments from this container.