Buffets gets court OK of engagement letter for possible $120 million exit facility

By Jennifer Lanning Drey

Portland, Ore., March 4 - Buffets Holdings, Inc. obtained court approval to enter into an engagement letter with Credit Suisse Securities (USA) LLC for a potential $120 million senior secured exit credit facility, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Buffets also received court approval to pay Credit Suisse a $1 million structuring fee, which the company could credit against fees payable if the facility closes.

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, 2008, and its Chapter 11 case number is 08-10141.

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