Star Buffet Inc. (STRZ.PK) announced that On Thursday, the United States Bankruptcy Court for the District of Arizona approved the disclosure statement filed in connection with the Company's proposed First Amended Joint Plan of Reorganization Dated May 24, 2012 under Chapter 11 of the Bankruptcy Code.
Star Buffet stated that approval of the Disclosure Statement allows the Company to solicit approval of the Plan from its creditors. The approval of the Disclosure Statement represents an important step in the Company's efforts to emerge from Chapter 11.
Star Buffet Inc. filed a voluntary petition for reorganization under Chapter 11 on September 28, 2011. Summit Family Restaurants Inc. filed a voluntary petition for reorganization under Chapter 11 on September 29, 2011. The cases are being jointly administered. None of the Company's other subsidiaries were included in the bankruptcy filing, the company said.
The confirmation hearing for the Plan is scheduled for July 12, 2012.
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