Buffet Chain Owner Cleared To Borrow $30M In Ch. 11

Law360, Wilmington (January 19, 2012, 6:39 PM EST) -- Buffets Restaurants Holdings Inc. won a Delaware bankruptcy court’s blessing Thursday to borrow up to $30 million to sustain its hundreds of buffet-style eateries while the company restructures its debt or potentially sells off assets in Chapter 11.

Eagan, Minn.-based Buffets — owner of the Old Country Buffet restaurant chain, among others — filed for court protection Wednesday, less than three years after exiting a previous bankruptcy.

“I can’t say I’m happy to see you again,” U.S. Bankruptcy Judge Mary F. Walrath quipped at a first-day...
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