Buffet Chain Owner Gets Seconds In Bankruptcy Court

Law360, Wilmington (January 18, 2012, 4:43 PM EST) -- Buffets Restaurants Holdings Inc. and numerous affiliates — owners of nearly 500 buffet-style restaurants, including the Old Country Buffet chain — filed for bankruptcy in Delaware on Wednesday, less than three years after capping off a previous stint in Chapter 11.

This time, however, the Eagan, Minn.-based company comes to court with a plan in hand to slash “virtually all” of its $245 million in secured debt, according to a statement from Buffets.

Buffets is aiming to get itself back on solid financial footing through a...
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