Daily News: April 25, 2012

Buffets Restaurants Files Plan to Pay Creditors $4 Million

Dow Jones Newswires has reported that Buffets Restaurants will pay creditors that are owed over $44 million approximately $4 million when the company emerges from bankruptcy.

The company filed an amended plan in the U.S. Bankruptcy Court in the District of Delaware on Friday, April 20 to give unsecured creditor, which were previously slated to receive nothing, the $4 million to keep Buffets’ 400 locations open.

The unsecured creditors include landlords and suppliers such as Coca-Cola, the article said.

Buffets Restaurants is the operator of Old Country Buffet, Ryan’s and HomeTown restaurants.

Previously on abfjournal.com:

Buffets Reaches Restructuring Agreement, Gets $50MM DIP Loan, Thursday, January 19, 2012