Creditreform’s creditor protectors assume that the bankrupt Tupperware Austria cannot continue its business operations. The reason for this is the expiration of licenses of the parent company in the US. The business information department has no understanding for this.
So far, 9.3 million euros worth of debts have been declared bankrupt, of which approximately three million euros are disputed. The plan was to conclude a restructuring plan with creditors, which would be voted on on Thursday.
“We are currently still negotiating a license extension. However, this will no longer be extended. As of today, Tupperware products may no longer be sold. This means that further business operations are no longer possible,” said Stephan Mazal of creditor protection agency Creditreform on Thursday.
In fact, business could continue
He emphasized in a press release that it was economically incomprehensible that the license would not be extended because Tupperware Austria could continue to operate successfully. Tupperware Austria could not be reached for comment at short notice.
Credit reform: 20 percent quota questionable
The debtor is committed to the restructuring plan and wants to pay creditors a 20 percent quota as part of a liquidation restructuring plan, according to Creditreform, which points out, however: “In the event of liquidation, creditors essentially have the existing assets and outstanding claims from the Operational debt minus the further processing and closing costs as well as the procedural costs are available as a settlement fund. The creditors would therefore receive a distribution quota that is in any case below the 20 percent offered.”
Tupperware Austria filed for bankruptcy proceedings without self-administration in early October 2024. About 16 employees were affected. The group had a total of 5,450 employees in 41 countries. There were also approximately 465,000 independent sales consultants. The company was founded in 1938 by Earl Tupper.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
