Buffets obtains four-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., June 10 - Buffets Holdings, Inc. was granted a four-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive plan-filing period was extended to Sept. 30 from May 21 and the solicitation period to Dec. 1, 2008 from July 21.

According to the motion requesting the approval, the company has been focusing on evaluating the profitability of its hundreds of restaurant locations and selling underperforming restaurants.

Buffets said it is also marketing its Tahoe Joe's line of restaurants, which is one of its significant assets.

As a result, the company said it has not had time to negotiate a plan with its constituencies.

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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