Old Country Buffet Owner OK’d to Liquidate Under Creditor Plan

The former owner of Old Country Buffet and affiliated restaurant chains will wind down its bankruptcy estate and create a liquidating trust estimated to pay unsecured creditors more than $21 million.

The Chapter 11 plan, approved Friday, allows a trustee to sue Fresh Acquisitions LLC’s directors and restaurant manager VitaNova Brands LLC. Creditors have accused VitaNova and the Fresh Acquisitions directors of misusing loans, paying excessive management fees, and improper transfers.

An official committee representing unsecured creditors with some $73 million in claims filed the plan with the U.S. Bankruptcy Court for the Northern District of Texas, where Fresh ...