One Group Hospitality Inc., operator of the STK steakhouse chain, won court approval to buy Kona Grill Inc.’s 24 restaurants and other assets out of bankruptcy, the Wall Street Journal reported. Publicly traded One Group will pay $25 million in cash and will assume $11 million in Kona’s liabilities. Judge Christopher Sontchi of the U.S. Bankruptcy Court in Wilmington, Del., approved the sale yesterday at a hearing. One Group Chief Executive Emanuel Hilario told WSJ Pro Bankruptcy that his company plans to keep open virtually all of Kona’s remaining restaurants, a move that would preserve about 2,000 jobs. An earlier deal with a lead bidder led by a former chief executive of Kona collapsed in late July. That offer was for $20.3 million plus a similar assumption of liabilities.
