US operator Maison Kayser submits PPP loan dispute resolution plan

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Former US bakery operator Maison Kayser has filed a liquidation plan under which lenders will pay from a pool of money and avoid “costly litigation” related to the use of Covid-19 coronavirus aid funds.

Cosmoledo LLC’s winding-down plan includes a settlement with a committee of unsecured lenders, the Small Business Administration and Santander Bank, which provided the bakery chain with a $ 6.6 million paycheck loan before the company went bankrupt in September.

Cosmoledo did not spend all of the money prior to filing for bankruptcy, which sparked disputes between creditors over the remaining funds and the priority of Santander’s claims.

Chapter …

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