A&P owner said to be in talks with restructuring advisers

Montvale, N.J. A report released Wednesday said that the Great Atlantic & Pacific Tea Co. has reached out to restructuring advisors to discuss how best to manage its approximately $1 billion in debt.

According to a report by the Wall Street Journal, the company began reaching out to advisors over the summer, talking with Lazard Ltd., Rothschild and Moelis & Co.

It hasn't considered a bankruptcy filing or hired any restructuring advisers yet, the report said.

Great Atlantic & Pacific said last July that it had a turnaround strategy under way to reduce costs and increase revenue. It also said it was pursuing ways to raise capital, including the sale of some assets.

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