US: Bi-Lo exits Chapter 11
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.
just-food is the world’s leading portal for the global pre-packaged food and retail industries. Its daily mix of breaking news, views, analysis and research serves over 100,000 food executives each month. http://www.just-food.com/
Fonterra Ventures has entered into its first strategic partnership with German nutrition start-up, F...
The A2 Milk Company has revised its expected profits for the 12 months ended 30 June 2016.
A pair of US professors in food science and nutrition have warned consumers may not realise the poss...
McDonald’s US has attracted criticism for its new staff uniforms.
Research is underway to help Australian farmers better understand Chinese customers’ needs for sorgh...
American supermarket expert, Phil Lempert, has predicted that “2017 promises to be one of the most e...
Demand for infant formula in China is “poised for impressive growth” market research group, Mintel, ...
The Chilean Government has introduced mandatory food labelling laws covering locally produced and im...