Buffets seeks approval to sell two Fire Mountain properties

By Caroline Salls

Pittsburgh, Jan. 14 - Buffets Holdings, Inc. requested court approval of the proposed sale of Fire Mountain properties in Lexington, Ky., and Lynchburg, Va., according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Terry L. Bryant and Lynda Gail Bryant have agreed to pay $850,000 for the Lexington property and Xiao Dan Dong, Yun Guang Zhang, Chundi Dong and Zhi Hang Dong have agreed to pay $1.49 million for the Lynchburg property.

According to the motion, the properties are not a core component of Buffets' long-rate business strategy, and they are an economic and administrative burden.

A hearing is scheduled for Feb. 3.

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, 2007, and its Chapter 11 case number is 08-10141.

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