Filing For Chapter 11 Bankruptcy Today Is...
...US supermarket chain BI-Lo, which employs over 15,000 people and has 215 grocery stores nationwide.
The company has two loans totalling $360 million due to mature on Thursday this week which it says it can't repay or refinance in the current market.
"Unfortunately, the current credit environment is very challenging. After extensive discussions with our lenders and careful consideration of all available alternatives, we determined that in order to maintain business operations and customer service without interruption while we address this debt maturity, a court-supervised restructuring is appropriate," said a BI-Lo spokesman.
The company has two loans totalling $360 million due to mature on Thursday this week which it says it can't repay or refinance in the current market.
"Unfortunately, the current credit environment is very challenging. After extensive discussions with our lenders and careful consideration of all available alternatives, we determined that in order to maintain business operations and customer service without interruption while we address this debt maturity, a court-supervised restructuring is appropriate," said a BI-Lo spokesman.
