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Old Country Buffet Creditors’ Bankruptcy Plan Approved for Vote

Nov. 1, 2021, 6:18 PM

Fresh Acquisitions LLC’s creditors won bankruptcy court approval to vote on their plan to liquidate the former Old Country Buffet owner’s estate and preserve legal claims against the company’s previous managers and related affiliates.

The bankrupt restaurant chain operator has opposed the creditors’ plan, pushing instead to convert its case to Chapter 7 and have a court-appointed trustee oversee proceedings.

But Fresh Acquisitions’ unsecured creditors committee said its proposed Chapter 11 plan to wind down the company’s estate presents the only opportunity to receive “any monetary recovery.” The committee already successfully challenged a proposed sale and investigated potential legal claims, ...