Buffets Restaurants plan accepted by majority of voting creditors

By Caroline Salls

Pittsburgh, June 25 - Buffets Restaurants Holdings Inc.'s plan of reorganization was accepted by a majority of voting creditors, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

All 42 holders of $185.71 million of first-lien pre-bankruptcy secured credit facility claims and all 19 holders of $1.64 million of second-lien pre-bankruptcy credit facility claims voted to accept the plan.

In addition, 649 holders, or 94.33% in number, of $15.07 million, or 81.83% in amount, of general unsecured claims voted to accept the plan, while 39 holders, or 5.67% in number, of $3.35 million, or 18.17% in amount, of these creditors voted to reject it.

The plan confirmation hearing is scheduled for June 27.

Buffets, an Eagan, Minn.-based restaurant company, filed for bankruptcy on Jan. 18 under Chapter 11 case number 12-10237.

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