New Delaware Chapter 11 Filing – Kona Grill, Inc.
Kona Grill, Inc. (OTCMKTS: KONA), along with eight affiliates and subsidiaries, has filed a petition for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10953). Kona Grill, headquartered in Scottsdale, Arizona, operates a casual restaurant chain with 27 restaurants in 18 states, and has approximately 2,400 employees. According to the First Day Declaration, Kona Grill has filed as a result of declining store sales and has closed twenty locations over the past two years. The First Day Declaration further explains that Kona Grill intends to pursue a sale of its assets under section 363 of the Bankruptcy Code. Epiq Restructuring is the proposed claims and noticing agent. The cases have been assigned to the Honorable Chief Judge Christopher S. Sontchi.
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