Corona crisis forces Maredo into insolvency – Noerr advises restaurant chain
The Maredo steak restaurant chain in Germany has filed for insolvency in Düsseldorf. A team from Noerr led by Thomas Hoffmann advised Maredo in the preparation process after advising the group in the preceding out-of-court restructuring on the negotiations with stakeholders.
Filing the insolvency petition became unavoidable due to the effects of the corona crisis and the significant drop in sales. On 18 March, the company’s 35 restaurants had to be closed, meaning that all income has dried up. Just under 950 employees are affected in total.
The company is still aiming for a restructuring. “The proceedings were started as debtor-in-possession proceedings to keep all options open if it should become possible to open the restaurants again,” said Thomas Hoffmann, co-head of the Restructuring & Insolvency practice group at Noerr.
Advisors to Maredo: Noerr LLP
Dr Thomas Hoffmann (lead, Frankfurt/Berlin), Isabel Giancristofano (Berlin/London, both Restructuring), Dr Ingo Theusinger (Corporate, Düsseldorf), Dr Torsten Wehrhahn (Financing, Frankfurt)