Friday, May 29, 2020

Vapiano applies to open bankruptcy proceedings

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Vapiano

The management board of Vapiano SE has decided to file an application to open insolvency proceedings at the Cologne Local Court.


(Photo: dpa)

Cologne Because of the coronavirus crisis, the already battered restaurant chain Vapiano is filing an application to open insolvency proceedings at the Cologne District Court. That was decided by the board of Vapiano SE, the company announced on Wednesday evening in Cologne. At the same time, it is being examined whether bankruptcy applications have to be made for subsidiaries of the Vapiano Group.

The company announced its bankruptcy on March 20, stating that the insolvency was due to the drastic drop in sales and earnings. At the same time, the company had made an “urgent appeal to the federal government to quickly implement economic aid in the Covid 19 crisis”. The board hoped to be able to turn away the bankruptcy application offered within a period of three weeks.

Now Vapiano SE announced that no solution had been found for the liquidity requirements, which had recently increased significantly due to the Covid 19 crisis and totaled an additional approximately EUR 36.7 million. “In particular, no conclusive agreement could be reached with the financing banks and major shareholders on the contributions to the comprehensive financing solution sought,” CFO Lutz Scharpe wrote in the mandatory announcement for the stock exchanges. In the absence of an agreement on such a financing solution, the prospective funding from Covid 19 state support programs could not have been applied for.

All restaurants operated by Vapiano SE remained closed until further notice due to the corona crisis, it was said. However, German and international franchisees are not directly affected by Vapiano SE’s insolvency. Vapiano SE operates 230 restaurants worldwide, 55 in Germany.

More: Industry analysis – This is how the corona crisis affects trade, industry and commerce.

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