Mauldin, S.C. Bi-Lo, LLC has completed its financial restructuring and emerged from protection under Chapter 11 of the U.S. Bankruptcy Code.
"With our financial restructuring now behind us, we are emerging from Chapter 11 with a strengthened balance sheet and enhanced financial flexibility that positions Bi-Lo for continued success in the markets in which we operate,” said Michael Byars, president and CEO of Bi-Lo. “Our lean capital structure and more focused footprint will enable us to continue putting our customers first and exceeding their expectations every time they visit our stores. We are excited to move forward as a financially stronger company."
As previously announced, Bi-Lo's plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of South Carolina on April 29. Bi-Lo has met all closing conditions of its plan of reorganization and plan of arrangement.
Through its financial restructuring, Bi-Lo has reduced its funded indebtedness by approximately $60 million. Lone Star Funds made a $150 million equity investment in Bi-Lo and remains majority owner. In addition, Credit Suisse has provided $200 million in committed term loan financing and General Electric Capital has provided a $150 million revolving credit facility.