DGAP-Ad-hoc: VAPIANO SE / Key word(s): Insolvency
Vapiano SE: Application for opening of insolvency proceeding
Cologne, April 1, 2020 - The Management Board of Vapiano SE (ISIN: DE000A0WMNK9, "Vapiano" or "the Company") has today decided to file an application for the opening of insolvency proceedings for Vapiano SE with the competent district court of Cologne (Amtsgericht Köln) due to insolvency. At the same time, it is being evaluated whether insolvency applications have to be filed for subsidiaries of the Vapiano Group.
Following the situation of Vapiano SE, as communicated in the ad hoc announcement of March 20, no solution could be found for the liquidity requirements recently increased significantly due to the COVID-19 crisis of an additional total of approx. EUR 36.7m. In particular, no final agreement could be reached with the financing banks and major shareholders on the contributions to the intended comprehensive financing solution. In the absence of an agreement on such a financing solution, prospective funding from government COVID-19 support programs could not be requested.
All German restaurants operated by Vapiano SE will remain closed until further notice due to the current COVID-19 crisis. German and international franchisees are not directly affected by the insolvency of Vapiano SE.
01-Apr-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Im Zollhafen 2-4|
|Phone:||+49 (0) 221 67001-0|
|Fax:||+49 (0) 221 67001-205|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1013417|
|End of Announcement||DGAP News Service|
1013417 01-Apr-2020 CET/CEST