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A&P Finalizes Financing, Seeks Confirmation Feb. 27

MONTVALE, N.J. — A&P has finalized plans for its exit financing and has submitted an amended plan of reorganization it plans to take to the judge in its Chapter 11 case on Feb. 27 for confirmation, a company spokeswoman told SN Friday.

The confirmation hearing in the case has been delayed several times as the company finalized its exit financing, a $750 package including a $400 million revolving credit facility and a $350 million term loan.

“We continue to make solid progress on our turnaround. We have been working on our exit financing since our Feb. 6 court hearing, which is now finalized. As part of this process, we've also modified our plan of reorganization and our plan sponsorship agreement to be consistent with our exit financing,” Marcy Connor, A&P’s spokeswoman, told SN. “All of this has been approved by the judge, and we are scheduled to return to court on Monday, Feb. 27, for the judge to confirm our plan.”

The amended plan includes changes in the language used to describe the treatment of several classes of creditors in the event of sale transaction.

“We are continuing to work with our stakeholders to exit Chapter 11 as soon as possible, and we remain confident that the steps we are taking will put A&P on the right foundation for the future,” Connor said.

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