Vicorp asks for court approval to hire Piper Jaffray as financial adviser

By Jennifer Lanning Drey

Portland, Ore., June 9 - Vicorp Restaurants Inc. requested court approval to hire Piper Jaffray & Co. as one of the company's two financial advisers, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

In the motion, the company said it required an experienced financial adviser of the caliber of Piper Jaffray to help develop and gain approval for a plan of reorganization due to the size and nature of Vicorp's operations.

Vicorp will pay Piper Jaffray $59,250 per month. Additionally, the financial adviser will be entitled to a $935,000 fee provided that a restructuring transaction occurs during the time that Piper Jaffray is providing its services or within six months of termination.

A hearing has been scheduled for June 17.

Vicorp is a Denver-based restaurant operator. Its Chapter 11 case number is 08-10623.

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