According to Sky News, the Mexican-themed restaurant chain, founded by Mark Selby and Thomasina Miers, will examine a number of options in the coming weeks.
A spokesperson told Sky a CVA was not being considered, with alternatives likely to involve seeking a new investor or another form of restructuring.
An outright sale is not understood to be a priority.
Earlier this month, Wahaca CEO Mark Selby told BigHospitality's sister site MCA that without a nine-month rent and interest moratorium on commercial property, many operators would be unable to start up again when lockdown comes to an end.
The business has put 95% of its staff on furlough – retaining a core team to carry out statutory duties – and is in the process of engaging with banks about obtaining a support package, but Selby said it had not yet got everything it needs.
He said: “Given that our sites might be closed for three to six months followed by a slow recovery, it’s going to cripple hospitality businesses if we have to pay out rent and service charge on top of that.
“Every operator I’ve spoken to has said that they can’t pay all their rents because otherwise they will not be able to start up again.”
Selby also recently appeared on BigHospitality's UnitedWeStand podcast series, discussing why he thinks landlords need to take a more realistic view on rents during and post the Coronavirus crisis. To listen to the full interview, click here.