Bankruptcy Judge Approves K&W Cafeteria Reorganization Plan | Local

K&W had 18 restaurants open at the time of the bankruptcy, including three in Winston-Salem and 14 in North Carolina.

It now has 14 locations, including Healy Drive and Hanes Mill Road in Winston-Salem. He closed the South Park location near Peters Creek Parkway.

K&W said it had 1,035 employees when it filed for bankruptcy, but only had 834 as of the Dec. 23 filing.

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Plan details

The initial bankruptcy filing listed K&W with assets in excess of $ 30 million.

The company has liabilities of over $ 22 million. The restaurant chain has between 100 and 199 creditors.

Kahn’s approval was expected after K&W and Truist reached an agreement on how the bank would be reimbursed.

The bank could not be reached for comment on Wednesday’s approval of the judge. He said on March 31 that “we don’t comment on customer relationships.”

K & W’s debt to Truist includes a $ 6.73 million Paycheck Protection Plan (PPP) loan and a $ 10.95 million lien claim on accounts, inventory, equipment, parts and materials. general intangibles.

The PPP loan to K&W was one of the largest granted to a North Carolina company. The US Treasury Department ranked the highest range of PPP loans between $ 5 million and $ 10 million.

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