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Published on 4/1/2008 in the Prospect News Distressed Debt Daily.

Buffets $2.8 million restaurant sale approved

By Caroline Salls

Pittsburgh, April 1 - Buffets Holdings, Inc. obtained court approval to sell four restaurant properties for a total of $2.8 million, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, SBC Investments LLC has agreed to buy the company's Bellefontaine, Ohio, and Kettering, Ohio, properties for $550,000 each and its Springfield, Ohio, property for $1 million. Vigran Brothers Investments has agreed to purchase Buffets' Richmond, Ind., property for $700,000.

The buyers will pay a total of $112,000 in brokers' fees.

The SBC Investments sales are expected to close on April 4, and the Vigran sale will close on April 30.

According to the motion, the restaurants on the properties being sold have not been performing adequately, and Buffets said it does not expect them to become profitable.

As a result, the restaurants have been closed and the properties are being sold.

Buffets Holdings, a steak-buffet restaurant company based in Eagan, Minn., operates restaurants under the names Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain. The company filed for bankruptcy on Jan. 22, and its Chapter 11 case number is 08-10141.


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