The move could save 16 restaurants and 750 jobs.
Two of Gaucho Group's lenders have struck a deal to buy it out of administration.
Investec and SC Lowy's plan to rescue 16 branches and 750 jobs has a catch, however, with the purchase hinging on the successful delivery of a company voluntary arrangement (CVA) according to its administrator Deloitte.
The new suitors wish to dump liabilities linked to Gaucho's sister restaurant chain CAU, which collapsed in July.
Creditors, including landlords, must give the CVA the green light in a vote on September 19 in order for the rescue deal to go ahead.
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