Cipriani Settles with Bank, Avoids Restaurant Auction

Back in August, Capital One bank announced that it would hold a major auction of the Cipriani restaurant group's assets as a way to recoup the $4 million debt owed to them. Looks like they came up with the funds somehow to avoid that sad fate (perhaps by raising the price of the martinis?).

Today the Cips announce that they have "resolved our dispute with Capital One Bank" and that they "look forward to continuing to provide our customers with the high quality service that has defined Cipriani all these years and are excited about our upcoming expansion in Istanbul, Abu Dhabi, and Los Angeles." Well thank goodness they didn't have to sell off those chandeliers and recipes.
· All Cipriani Coverage [~ENY~]