The parent company of Old Country Buffet and other buffet restaurant chains around the country has emerged from a second trip through bankruptcy with fewer restaurants and a much less debt, the St. Paul (Minn.) Pioneer Press reported on Friday. Eagan, Minn.-based Buffets Inc. said that it eliminated $255 million in outstanding pre-petition debt, and closed 140 underperforming restaurants. The reorganized company's stock is now wholly owned by its pre-petition lenders, it said.
