Business Vapiano Austria: insolvency proceedings opened

Vapiano Austria: insolvency proceedings opened

The bankruptcy proceedings of the restaurant chain Vapiano opened on Friday at the Vienna Commercial Court.

The company, which most recently employed 607 people at 12 locations, is working on a renovation with self-administration, so it should be continued, as the credit protection associations KSV1870 and Creditreform announced. The lawyer Stephan Riel was appointed insolvency administrator.

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Of the more than 600 employment contracts, 471 had already been terminated by mutual agreement before the bankruptcy application against the submission of re-employment commitments due to the corona crisis. The company currently has only 136 employees.

The total liabilities (including group liabilities) amount to around EUR 38.8 million, the KSV1870 based on debtor information. Creditreform lists assets of around EUR 5.5 million and liabilities of EUR 32.3 million, which results in overindebtedness of EUR 26.7 million.

The almost 150 affected creditors of Vapiano Restaurant Betriebs- und Beteiligungs GmbH can register their claims with the Vienna Commercial Court until May 26, 2020.

The creditors are offered a recovery plan quota of 30 percent payable within two years of the adoption of the recovery plan. If the company is closed, the insolvency creditors can expect a rate of only 13 percent, according to Creditreform.

The first meeting of creditors and the articles of association will take place on May 5, 2020. The General Examination Regulations have been scheduled for June 9, 2020. The renovation plantation statute, which is decisive for the continued existence of the company, will take place on July 14, 2020 at the Vienna Commercial Court.

Three franchise locations not affected

According to the information, three franchise locations – two in Innsbruck and one in Linz – with a total of around 150 employees were not affected by the bankruptcy. According to the information provided by the debtor, these restaurants are managed independently.

Before the bankruptcy proceedings were opened, around 470 employees had already been dismissed due to the coronavirus crisis.

The insolvent locations are in Vienna (7), in the Shopping City Süd in Vösendorf (2), in Graz (2) and in Parndorf (1).

As the cause of the bankruptcy, Vapiano cites the difficulties of the German parent company Vapiano SE based in Cologne, which went bankrupt in March.

In addition, because of the corona crisis, as in Germany, there was also a drastic drop in sales in Austria. As a result, the decline in sales revenues that had occurred before the crisis had intensified.

Due to the increasing competition, the number of guests and sales had already decreased in 2018. The Vapiano Group reportedly invested large sums in its expansion.

Six restaurants were opened in Austria between 2017 and 2019. But before the corona crisis, Vapiano Austria was neither solvent nor significantly over-indebted, the lawyers say.

In the next few weeks, restructuring manager Riel will check whether the company can actually continue.

In this context, the crucial point is when and under what conditions hospitality businesses can resume regular business operations.

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