San Antonio, Texas (PRWEB) December 15, 2016
Buffets, LLC, comprised of Ryan’s, Fire Mountain, Country Buffet, Old Country Buffet, Hometown Buffet and Tahoe Joe’s, is set to submit a revised plan of reorganization.
“After some last minute negotiation, we are pleased that we have reached an agreement in principle with the Unsecured Creditors’ Committee that will allow us to continue with the reorganization of our business,” says Peter Donbavand, Vice President of Business Development for FMP. “This will allow us to continue operating our restaurants as normal while the reorganization progresses.”
It had previously been reported that Buffets, LLC, was looking to liquidate its assets in order to satisfy its obligations.
“We contend that the report of a liquidation of assets was a gross misrepresentation of both the process and the intentions of the parties involved. A motion had been made that would have allowed for the sale of the business, if necessary, to cover debts, but the business would have continued operating under these conditions. With the new agreement with the Committee, this option has since been pulled and we are looking forward to finalizing the reorganization plan,” Donbavand says.
A revised reorganization plan is expected to be approved by the Unsecured Creditors’ Committee in the coming weeks and submitted to the court by the end of the year.