Restructuring Information

for Buffets Holdings, Inc.

On April 28, 2009, Buffets Holdings, Inc. emerged from Chapter 11 reorganization. During the restructuring process, the Company right-sized its organization, including streamlining its portfolio of restaurants and reducing operating expenses across the business. Buffets emerged from Chapter 11 with a stronger balance sheet, significantly less debt, and greater resources to improve operations and make investments in its business. The Company today is as focused as ever on delivering the highest quality food, service, and value to its guests.

Buffets Holdings, Inc. and all of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on January 22, 2008. The filings were made in the U.S. Bankruptcy Court for the District of Delaware, in Wilmington, Delaware. Buffets filed its proposed Plan of Reorganization (the “Plan”) and related Disclosure Statement with the Court on October 30, 2008. The Plan was confirmed by the Court on April 17, 2009, and Buffets emerged from Chapter 11 reorganization 11 days later. In conjunction with its emergence, the Company closed on $117.5 million in new first lien exit financing from various lenders. This financing, in addition to $141.0 million in second lien rollover financing remaining from the pre-petition lenders, enables Buffets to satisfy its Chapter 11 Plan obligations and provide working capital for ongoing operations.

More information about the Company’s reorganization is available at the following link:

CLAIMS INFORMATION AND COURT FILINGS