Buffets requests plan solicitation extension amid asset sale process

By Caroline Salls

Pittsburgh, Nov. 10 – Buffets, LLC requested a third extension of its exclusive period for soliciting votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Western District of Texas.

Specifically, Buffets wants to extend its exclusive solicitation period through Feb. 22 from Nov. 28.

As previously reported, the company filed its plan and disclosure statement on Sept. 30 and subsequently initiated a marketing process for its assets.

The hearing on approval of the asset sale procedures is scheduled for Nov. 17. Those proposed procedures call for a Dec. 19 bid deadline, a Dec. 29 auction and a hearing on approval of the sale no more than five days after the auction.

“The requested extension is reasonable and necessary given the tasks to be completed and issues to be resolved before the debtors’ proposed Chapter 11 plan can be solicited,” the motion said.

Based in Hollywood Park, Texas, Buffets operates a chain of buffet-style restaurants. The company re-entered Chapter 11 bankruptcy on March 7, 2016 under the case number 16-50557.

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