May 24, 2017 6:51 AM ET

Hotels, Restaurants and Leisure

Company Overview of Ovation Brands, Inc.

Company Overview

Ovation Brands, Inc., through its subsidiary, Buffets, Inc., engages in the ownership and operation of a chain of restaurants in the United States. The company operates its restaurants under the names of Old Country Buffet, Country Buffet, HomeTown Buffet, Granny’s Buffet, Country Roadhouse Buffet & Grill, Tahoe Joe’s Famous Steakhouse, and Soup ‘N Salad Unlimited. It operated 376 restaurants, including 176 Old Country Buffets, 168 HomeTown Buffets, 1 Granny's Buffet, 1 Soup 'n Salad Unlimited, and 1 Country Roadhouse Buffet & Grill restaurant, as of October 1, 2004. Ovation Brands, Inc. was founded in 2000 and is headquartered in Eagan, Minnesota. On March 7, 2016, Buffets, LLC, along with ...

1020 Discovery Road

Suite 100

Eagan, MN 55121

United States

Founded in 2000

Phone:

651-365-2173

Fax:

651-365-2356

Key Executives for Ovation Brands, Inc.

Chief Executive Officer
Co-Founder
Age: 69
Chief Financial Officer
Age: 55
Chief Operating Officer
Executive Vice President of Operations Services
Age: 62
Compensation as of Fiscal Year 2016.

Ovation Brands, Inc. Key Developments

Second Amended Reorganization Plan Approved for Ovation Brands, Inc.

The US Bankruptcy Court approved the second amended plan of reorganization of Buffets, LLC on April 27, 2017. The debtor has filed its amended plan in the Court on April 4, 2017. As per the amended plan, the administrative claims and professional fee claims will be paid in full in cash. The other secured claims and property claims will be paid in full. ACE Claims will be paid in full in cash and retain the collateral, respectively. The letter of credit claims will be issued new security agreement and payment will be made as per the agreement terms The general unsecured claims of ranging between $100- $115 million will have an estimated recovery of 10% of the allowed claims. The convenience claims will have an estimated recovery of 50% and maximum on pro rata distribution $0.43 million. The equity interest holders will retain their equity interests. The plan will be funded from cash in hand and issuance of new and modified notes to claim holders.

Motion for Asset Sale Rejected for Ovation Brands, Inc.

The US Bankruptcy Court gave an order denying the sale of substantially all the assets of Buffets, LLC on April 4, 2017. The motion was dismissed as moot. The motion for the asset sale was filed by the debtor on October 27, 2016.

Second Amended Reorganization Plan Filed by Ovation Brands, Inc.

Buffets, LLC filed second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on April 4, 2017. There were no changes in the treatment of all classes of claims.

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Recent Private Companies Transactions

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Date
Target
No transactions available in the past 12 months.
 

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