CHANDLER, Ariz. — Bashas' here has submitted a plan of reorganization to the U.S. Bankruptcy Court in Phoenix that will be looked over by its various debtor groups for possible changes before a final plan is drawn up, according to the chain.
It was not clear from the documents how long that process may take, though the company said at the time it filed a voluntary petition for Chapter 11 bankruptcy protection last July that it expected to merge before the end of the first quarter of 2010.
Under the preliminary reorganization plan, Bashas' said it intends to make payment in full and with interest over an extended term to all allowed pre-petition claimants; the plan also calls for the court to appoint an ombudsman to serve for several years as liaison with those to whom Bashas' owes money and to report to the creditors about the company's financial performance and whether the chain will be able to meet its payment obligations.
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