P&R: Insolvency administrator Jaffé announces for the first time what payouts investors can expect from the insolvency.

Dauerhaft Invest terminates its offer.

International fund Fidera limits its purchase offer for insolvency claims until 30 September.

P&R insolvency administrator Jaffé has for the first time given an estimate of what insolvency payouts investors can expect. As per his report dated May 24th, he hopes to achieve total proceeds of over 1 billion EURO, which would correspond to a total payout ratio for the investors of about 25%. Since investors in the 2 large P&R German companies (GC and LF) have already received a quota of 12.5 %, this means that another 12.5 % can be expected. However, Jaffé stressed that the settlement is highly uncertain due to the very volatile global economic and shipping environment (for example, freight rates and container prices have fallen drastically over the past year and are back to their pre-pandemic levels). Jaffé also confirmed that it will take many years before investors can receive these further payments. He has not yet announced any further payments for the near future.

[In view of these disappointing recovery estimates and the overall economic uncertainties,] Dauerhaft Invest, which had made a purchase offer for insolvency claims of P&R investors at a total rate of 24%, has communicated to us that they will not renew its offer.

International fund Fidera, which has made a purchase offer for insolvency claims of P&R investors at a total rate of 25%, is unlikley to maintain its offer indefinitely. Law firm Schirp & Partner, which is authorised to handle Fidera's offer, announced that Fidera has for now agreed to maintain its offer until 30th September of this year and will reconsider its position after that.

P&R investors interested in selling their insolvency claims should therefore contact Schirp & Partner soon. Dr. Wolfgang Schirp: „Bundesgerichtshof has decided that investors do not have to fear about the clawback risk anymore and can sell their claims freely. Furthermore, it has become clear from the reports of insolvency administrator Jaffé what quota investors can broadly expect. Those who do not want to wait many more years until the insolvency proceedings have been settled and the last payments have been made should definitely express their interest in Fidera’s offer by 30^th September. We have handled several hundred purchase agreements in the past years without any problems and can confirm that this is a safe way to end the P&R issue for yourself if an investor wishes to do so.”

For further information please contact: Schirp & Partner Rechtsanwälte mbB, Leipziger Platz 9, D – 10117 Berlin, tel. 0049-30-3276170, , URL: