Buffet Chain's Creditors To Vote On Ch. 11 Plan

Law360, Wilmington (April 30, 2012, 6:21 PM EDT) -- A Delaware bankruptcy judge on Monday gave creditors the green light to vote on Buffets Restaurants Holdings Inc.'s reorganization plan, which now includes a small recovery for the troubled buffet chain’s unsecured creditors.

At a court hearing in Wilmington, U.S. Bankruptcy Judge Mary F. Walrath approved the disclosure statement explaining the plan, which will hand all of the equity in the reorganized company to first-lien lenders. In return, the lenders will forgive around $252 million of secured debt, eliminating $30 million in annual interest payments, according...
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