Court gives OK to Southeastern Grocers’ reorg plan
Southeastern Grocers’ amended Chapter 11 reorganization plan has received the green light from bankruptcy court.
The retailer, whose banners include Bi-Lo and Winn-Dixie, said it expects to complete its financial restructuring process and emerge from Chapter 11 in the coming weeks. As previously announced, the plan will decrease the company’s overall debt levels by approximately $600 million (including $522 million of debt exchanged for equity in the reorganized company) and strengthen its balance sheet. Southeastern filed for Chapter 11 in March 2018.
Under the plan, the grocer closed some 94 stores. It will continue to operate more than 575 stores under the Bi-Lo, Fresco y Más, Harveys Supermarket and Winn-Dixie banners.
"We are delighted with the Court's swift approval which marks a major milestone in the transformation and correction of our business,” said Anthony Hucker, president and CEO, Southeastern Grocers. “This confirmation paves the way for us to emerge as a strong, viable business that is well-positioned to succeed in the competitive retail market.”
The retailer, whose banners include Bi-Lo and Winn-Dixie, said it expects to complete its financial restructuring process and emerge from Chapter 11 in the coming weeks. As previously announced, the plan will decrease the company’s overall debt levels by approximately $600 million (including $522 million of debt exchanged for equity in the reorganized company) and strengthen its balance sheet. Southeastern filed for Chapter 11 in March 2018.
Under the plan, the grocer closed some 94 stores. It will continue to operate more than 575 stores under the Bi-Lo, Fresco y Más, Harveys Supermarket and Winn-Dixie banners.
"We are delighted with the Court's swift approval which marks a major milestone in the transformation and correction of our business,” said Anthony Hucker, president and CEO, Southeastern Grocers. “This confirmation paves the way for us to emerge as a strong, viable business that is well-positioned to succeed in the competitive retail market.”