Bankrupt Buffet Chain Gets OK For $50M In Financing

Law360, Wilmington (February 14, 2012, 7:46 PM EST) -- Bankrupt Buffets Restaurants Holdings Inc. won final approval of a $50 million debtor-in-possession loan on Tuesday after resolving objections from unsecured creditors who said the financing deal handed the buffet chain’s senior lenders too much power.

In an objection filed in Delaware bankruptcy court last week, the official committee of unsecured creditors balked at various provisions in the DIP loan — which was provided by existing senior lenders led by Credit Suisse AG — saying the agreement included aggressive milestones, overly restrictive financial covenants and improperly...
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