Major South Carolina Supermarket Retailer Seeks Bankruptcy Protection to Restructure Debt
March 24, 2009 by Christian Stegmaier
by Christian Stegmaier
cstegmaier@collinsandlacy.com
Mauldin-based Bi-Lo, a fixture in South Carolina’s supermaket retail sector, has filed for Chapter 11 Bankruptcy protection in an effort to reorganize its debt.
From today’s (3/24/09) edition of The State:
The grocery chain said it filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code and intends to use the court-supervised process to address “an upcoming debt maturity.”
Bi-Lo said it expects to reach “mutually acceptable resolutions with all of its constituencies and to exit bankruptcy as expeditiously as possible.”
The company said its stores will remain open and operations will continue without interruption.
Click here for full story: http://www.thestate.com/746/story/725124.html
About Christian Stegmaier
Senior Shareholder
Christian Stegmaier is a shareholder and chair of the Retail & Hospitality Practice Group at Collins & Lacy in Columbia. He is also active in the firm’s professional liability and appellate practices. Stegmaier welcomes your questions at (803) 255-0454 or cstegmaier@collinsandlacy.com.