MILAN, Ill. -- Eagle Food Centers here said it expects to emerge in early June from a prenegotiated reorganization under Chapter 11. The company said a hearing is scheduled in U.S. Bankruptcy Court in Wilmington, Del., for March 21 to consider finalizing a $50 million debtor-in-possession financing and to authorize Eagle to pay the prepetition claims of its remaining trade creditors. The company said the court has scheduled a hearing for April 17 to approve Eagle's disclosure statement and a hearing on May 17 to confirm the chain's plan of reorganization. Eagle filed for Chapter 11 protection Feb 29, just six weeks before the April 15 maturity date of its 8-5/8% senior notes, which would have required the company to pay out about $100 million.
