US regional supermarket operator Bi-Lo announced yesterday (13 May) that it has completed its financial restructuring and emerged from Chapter 11 bankruptcy protection.”Today is a great day for Bi-Lo, our team mates and our loyal customers,” said company president and CEO Michael Byars. “With our financial restructuring 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.”
Through its financial restructuring, Bi-Lo said that it has reduced its debt levels by around US$60m. The chain’s majority owner, investment vehicle Lone Star Finds, has also made an equity investment of $150m.
The company said that it has successfully negotiated adequate debt facilities, with Credit Suisse providing a $200m committed term loan facility and General Electric Capital providing a $150m revolving credit facility.
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