The United States Bankruptcy Court for the District of Delaware gave the green light to Southeastern Grocers in its financial restructuring plan that includes Chapter 11 bankruptcy.
Southeastern Grocers says its plan will decrease overall dept levels by about $600 million, including $522 million of dept exchanged for equity in the reorganized company, which includes banners Winn-Dixie, Bi-Lo, Harveys and Fresco Y Mas.
"We are delighted with the court's swift approval which marks a major milestone in the transformation and correction of our business," says Anthony Hucker, president and CEO of Southeastern Grocers. "This confirmation paves the way for us to emerge as a strong, viable business that is well-positioned to success in the competitive retail market."
SEG will continue to operate more than 575 stores under the various banners.