GREENVILLE, S.C. — Bi-Lo said Thursday it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy protection.
"Today is a great day for Bi-Lo, our teammates and our loyal customers," said Michael Byars, president and chief executive officer. "With our financial restructuring behind us, we are emerging from Chapter 11 with a strengthened balance sheet and enhanced financial flexibility that positions Bi-Lo for continued success in the markets in which we operate."
Bi-Lo operates 207 stores in South Carolina, North Carolina, Georgia and Tennessee.
As previously disclosed, the chain's plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of South Carolina on April 29. Through the financial restructuring, the company said it has reduced its funded indebtedness by approximately $60 million. In addition, Lone Star Funds, the chain's majority owner, made a $150 million equity investment; Credit Suisse provided $200 million in committed term loan financing; and General Electric Capital provided a $150 million revolving credit facility.
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