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.

The company said the new financing will be provided by S.B.C. Warburg Dillon Read and Lehman Brothers, both based in New York. The restructuring plan calls for the company to

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