Restaurant News Resource - Buffets Restaurant Industry News

Buffets, Inc. announced a restructuring agreement that it has reached with senior lenders holding 83% of its senior debt, which will recapitalize the Company while eliminating virtually all of the Company’s approximately $245 million of outstanding debt.

Buffets, Inc., the privately-held restaurant company whose brands include HomeTown® Buffet, Old County Buffet® and Ryan’s®, announced that its Board of Directors has approved the exploration of strategic alternatives aimed at increasing shareholder value.

Buffets Holdings, Inc. today announced that it has emerged from Chapter 11 reorganization. After meeting all closing conditions to the Company's exit financing and to its Plan of Reorganization, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware in an order entered on April 17, 2009, the Plan has now become effective.

Company Expects to Emerge From Chapter 11 Shortly

Company to Begin Solicitation of Creditor Approval for Plan of Reorganization - Confirmation Hearing Scheduled for February 3, 2009, Positioning Buffets to Emerge From Chapter 11 During First Quarter of 2009

Court Also Authorizes Continued Payment of Employee Wages and Benefits, Payment to Vendors for Post-Petition Goods and Services, and Other Actions to Allow the Company's Restaurants to Operate as Usual

Buffets Holdings, Inc., together with its subsidiary Buffets, Inc., announced the appointment of Steven R. Layt as Chief Operating Officer of both Companies. Mr. Layt is expected to begin his tenure with the companies by December 31, 2007.

Buffets, Inc. announced a program to convert all of its restaurants to zero trans fat frying oils by the end of the current calendar year.

Buffets Holdings, Inc. Announces Results for the Third Quarter of Fiscal 2007

Buffets Holdings, Inc. Announces Results for the First Quarter of Fiscal 2007