Denny's Franchisee Hopes to Use PPP Loan to Pay Off Bankruptcy Claims

RWDT Foods, owner of 4 Denny's restaurants, had a plan that intends to pay creditors over time. But it just came up with a better idea -- it will ask the bankruptcy court to approve a new plan that says claims will be paid in full, then emerge from bankruptcy, then apply for a PPP-2 loan, then use the proceeds of the PPP loan to pay most creditors in full. It says that it will qualify for a PPP loan before the March 31 deadline because it will no longer be a bankrupt entity by that time. It also expects the PPP loan to be forgiven. {It's nice that the government is doling out money.} Subscribe to the Troubled Company Reporter for more information. Visit http://bankrupt.com/periodicals/tcr/tcr.html