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The Winston-Salem restaurant chain disclosed its latest bankruptcy reorganization proposal in a status report filed Friday. "While we were hopeful we would find a buyer for K&W Cafeterias, given the current COVID-19 climate, we were not surprised that a buyer did not come forward with an acceptable offer," K&W president Dax Allred told the Winston-Salem Journal on Friday. "We are working with our attorney to finalize a reorganization plan to be presented to all parties of interest, where K&W will continue to operate." The company has until Dec. 31 to file its next proposed reorganization plan...

K&W said it may "seek a modification of the sale procedures order and the bidding procedures, and hold the auction on a later date." K&W, a staple of Southern comfort foods for 83 years, filed for bankruptcy protection Sept. 2 as the latest step in a corporate downsizing that began before the COVID-19 pandemic. The initial bankruptcy filing listed assets of more than $30 million. The company has liabilities of more than $22 million, of which $12.56 million is with creditors holding secured claims on property, and the rest unsecured claims. It has between 100 and 199 creditors. On Nov. 2, fede...