Star Buffet, Inc. announced on May 31 that the company has sold its former JJ North's Country Buffet in Yuma, Arizona. Proceeds from the real estate sale were used to repay Wells Fargo Bank, in accordance with the company's Second Amended Joint Plan of Reorganization which was approved by the United States Bankruptcy Court for the District of Arizona on December 17, 2012.
"This real estate sale represents the second in a series of anticipated asset sales in the current fiscal year whereby proceeds are being used to reduce the outstanding Wells Fargo loan balance," says Robert E. Wheaton, Star Buffet's president.
