The company that owns several Anchorage bars and restaurants, including Humpy's and Williwaw, has filed for bankruptcy protection.

Hook, Line and Sinker, Inc., the parent company of Humpy’s restaurant and two other downtown restaurant bars, filed for Chapter 11 reorganization last Thursday. Chapter 11 protection allows the business to repay debts over time. 

The move comes after creditors asked the court to declare a Chapter 7 bankruptcy over unpaid bills at the Williwaw bar and restaurant, which is also owned by the same group that owns Humpy’s.

The creditors, which include contractors and the Williwaw property landlord, say the Humpy’s group owes more than $3 million, and they're asking the court to liquidate the company's assets.

Hook, Line and Sinker, Inc. is now seeking to reorganize under Chapter 11. 

Without a reorganization, the company says it won't be able to pay employee compensation, taxes and vacation and leave for staff. It has employees between 85 and 125 people.

If the restaurant group fails to meet their Chapter 11 obligations, the court can convert the case to a Chapter 7 bankruptcy. 

KTVA has left messages for company owners and has not yet heard back.

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