GRAND UNION READY FOR CAPITAL RESTRUCTURE

WAYNE, N.J. -- Grand Union Co. here said last week it is preparing to solicit consents from its senior noteholders and the holders of its preferred stock following receipt of a commitment from two investment banking firms to provide a $300 million credit facility as part of the chain's capital-restructuring plan.The company said the new financing will be provided by S.B.C. Warburg Dillon Read and

WAYNE, N.J. -- Grand Union Co. here said last week it is preparing to solicit consents from its senior noteholders and the holders of its preferred stock following receipt of a commitment from two investment banking firms to provide a $300 million credit facility as part of the chain's capital-restructuring plan.

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