Court Grants Kobra Properties Early Motions Designed to Pay Employees, Maintain Operations

U.S. Bankruptcy Judge Michael S. McManus yesterday granted most of Kobra Properties’ “first day” motions allowing the company and its related entities to operate on a business as usual basis as it works to restructure under Chapter 11. Kobra’s related restaurant operations are not affected by its Chapter 11 filing. “Judge McManus’ ruling is a positive step toward reorganizing Kobra for the benefit of its creditors and the protection of...