GRAND UNION OFFERS RESTRUCTURING PLAN

WAYNE, N.J. -- Grand Union Co. here presented a restructuring proposal to its major creditors last week as it continues to seek a way out of its capital crunch.default against the chain.Grand Union, which operates 241 stores in six Northeastern states, has been attempting to develop a debt restructuring plan since late last year, when it disclosed that cash from operations after committed capital

WAYNE, N.J. -- Grand Union Co. here presented a restructuring proposal to its major creditors last week as it continues to seek a way out of its capital crunch.

default against the chain.

Grand Union, which operates 241 stores in six Northeastern states, has been attempting to develop a debt restructuring plan since late last year, when it disclosed that cash from operations after committed capital expenditures would not be sufficient to meet cash interest payments due Jan.

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