Paulo Valério elected chairman of Tupperware’s creditors’ committee

VFA partner Paulo Valério was unanimously elected chairman of Tupperware’s creditors’ committee last Wednesday. The lawyer, who heads VFA’s Insolvency and Restructuring practice, represents 184 of the 192 employees of the Montalvo factory in Constância and will now lead the committee responsible for assisting and overseeing the activities of the Insolvency Administrator.

The next steps in the process will involve either attempting to sell the factory to an investor, with the aim of resuming operations and safeguarding jobs, or alternatively, selling off the company’s assets. The goal is to recover the workers’ claims, which amount to over 9 million euros – almost the entirety of the liabilities of the Portuguese subsidiary of the American group, which entered a restructuring process that led to the closure of the Constância plant.

Speaking to RTP after the court hearing, the lawyer reaffirmed his commitment to recovering the workers’ claims and building a solution in close cooperation with the Insolvency Administrator.

[Video: RTP]