Tue 04/20/2021 14:27 PM
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Relevant Documents:
Voluntary Petition - Buffets
Voluntary Petition - Alamo Fresh Payroll

Buffet restaurant operator Buffets, LLC filed for chapter 11 protection this afternoon in the Bankruptcy Court for the Northern District of Texas, along with various affiliates. This is Buffets’ fourth chapter 11 filing since 2008, the most recent of which was filed in 2016, when the company operated 150 locations across more than 25 states. The company reports $1 million to $10 million in assets and $50 million to $100 million in liabilities. The debtors are represented by Gray Reed & McGraw in Dallas as bankruptcy counsel, Katten Muchin Rosenman in Dallas as special counsel, B. Riley Advisory Services as financial advisor and Hilco Real Estate as real estate advisor. Mark Shapiro is serving as the debtors’ CRO. The claims agent is BMC Group. The case number is 21-30721. For access to the relevant documents above as well as our First Day by Reorg team's coverage of all U.S. chapter 11 cases filed since 2012 with over $10 million in liabilities including the Buffets LLC chapter 44 filing Request a Trial here.

Board resolutions attached to the petition authorize the debtors to obtain $3.5 million in DIP financing from VitaNova Brands, LLC.

The top claim on the debtors’ list of 20 largest unsecured creditors is a $47.3 million litigation claim, followed by a $1.4 million judgment order, a $1.3 million rent claim owed to ARC Properties Partnership and a $1.2 million food inventory claim owed to Saladino’s Inc.

Buffets, LLC is 100% owned by non-debtor Alamo Buffets, LLC.

A list of debtor affiliates follows:

Reorg First Day will provide a full summary once the first day briefing is complete.
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