NATICK – California Pizza Kitchen chain received court approval for its Chapter 11 bankruptcy filing this week.
In July, the chain filed Chapter 11 in a Texas court.
The chain, which has about 200 locations, has one in Natick at the Natick Mall.
The California-based restaurant chain reached a deal with its creditors.
Court filings showed more than $400 million in debt.
The majority of the company – almost 90% – is owned by Golden Gate Capital.
“CPK intends to emerge from Chapter 11 in November 2020 with the full support of its creditors and equity holders,” the company said in a statement.
As part of the bankruptcy plan deal, California Pizza Kitchen will reduce its “lease footprint.”
The deal means California Pizza Kitchen will have $177 million in debt when it ends Chapter 11, which is expected to happen in November 2020.
California Pizza Kitchen was founded in 1985.