New York City — Soupman, Inc. has filed for Chapter 11 bankruptcy protection. Soupman also has secured a new $2 million debtor-in-possession credit facility (DIP) to allow business operations to continue as normal. Michael Wyse of Wyse Advisors, LLC has been hired as chief restructuring officer and interim CFO of Soupman.
“The ongoing support from our lender through our new DIP facility will allow us to continue business operations as normal. We anticipate that there will be no disruption in the quality of our product or service that we provide to our vendors and customers during this transition period,” says Jamie Karson, CEO.
The Chapter 11 petition was filed in the United States Bankruptcy Court in Delaware. The law firm of Polsinelli is advising Soupman as bankruptcy counsel.
The Original Soup Man is a chain of soup restaurants modeled after Al Yeganeh’s original restaurant, Soup Kitchen International, in Midtown Manhattan. Yeganeh was the inspiration for the “Soup Nazi” character on the long running TV sitcom, “Seinfeld.” “The Original Soup Man” franchises have since opened in various cities throughout the United States and Canada. For more information, visit www.originalsoupman.com.
SOURCE: Soupman, Inc.