[ad_1]
The Vapiano restaurant chain is for sale just a few weeks after filing for bankruptcy. “We want to carry out an open, transparent and timely sales process. In view of the current exceptional situation, this is the best solution in our opinion,” said Provisional Insolvency Administrator Ruth Rigol.
It is conceivable to sell the global business as a whole, as well as to sell restaurants and assets individually, it said in a statement.
Vapiano runs some of the restaurants, while others are run by franchisees. According to the company, franchise restaurants are not included in the sales process. Negotiations with interested investors are expected to take place in late May 2020.
Vapiano received a bridge loan
In early April, Vapiano SE filed an application with the Cologne District Court to open insolvency proceedings for insolvency. The effects of the crown crisis were too much for the company, which was already in the red. (Read more about the fund here.)
As part of the preliminary bankruptcy proceedings, Vapiano has now received a bulk loan, which is intended to serve as a bridge until commercial operations can resume, Rigol said. This is an important step in maintaining the restaurant chain. The lawyer was confident of finding an investor for the Vapiano group.
In total, Vapiano SE and the operating subsidiaries in Germany, which are also in preliminary insolvency, employ more than 2,500 people. Vapiano’s subsidiaries in France and Luxembourg are not bankrupt.
However, French restaurants are also sold. According to the company, the sales talks are already “at an advanced stage.” The signing of the purchase contract is expected in late May.
