PHOENIX — The confirmation hearing to determine whether Bashas' will be able to go forward with the reorganization plan it has proposed is scheduled to continue on Wednesday, Thursday and Friday this week — and longer if necessary — Edward N. Basha 3d, senior vice president, said Friday in a letter to employees.
"We remain optimistic and believe we have a compelling case," Basha said.
The confirmation hearing, which commenced Thursday, will end with the judge either approving a reorganization plan or sending the parties back to the negotiating table. The company has been operating under Chapter 11 bankruptcy protection since June 2009.
According to Basha, Thursday's court session included testimony from the chain's financial adviser that the company would be able to fulfill its financial obligations as outlined in its proposed reorganization plan. The head of the official committee of unsecured creditors also testified in favor of the plan based on the restructuring and cost-cutting measures the chain has already put in place.
