Insolvency judge approves restructuring plan for K&W Cafeteria | Local

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

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

K&W said it had 1,035 employees when it went bankrupt, but at the time of filing on Jan.

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Plan details

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

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

Kahn’s approval was expected after K&W and Truist agreed to repay the bank.

The bank could not be reached on Wednesday for an opinion on the approval of the judge. On March 31st it was said: “We do not comment on customer relationships”.

K & W’s debt to Truist includes a $ 6.73 million loan.

The PPP loan to K&W was one of the largest granted to any North Carolina company. The U.S. Treasury Department listed the top PPP loan spread between $ 5 million and $ 10 million.

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