BI-LO LLC and certain affiliates announced that the company has successfully completed its financial restructuring and emerged from protection under Chapter 11 of the US Bankruptcy Code.
Michael Byars, president and chief executive officer of BI-LO, said, “With our financial restructuring now 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. Our lean capital structure and more focused footprint will enable us to continue putting our customers first and exceeding their expectations every time they visit our stores. We sincerely appreciate the support of our hard-working and dedicated teammates, our loyal customers, and other stakeholders throughout this process, and we are excited to move forward as a financially stronger company.”
BI-LO’s plan of reorganization was confirmed April 29, 2010, by the US Bankruptcy Court for the District of South Carolina. The company has met all closing conditions of its plan of reorganization and plan of arrangement. Through its financial restructuring, BI-LO has reduced its funded indebtedness by approximately $60 million. Lone Star Funds made a $150 million equity investment in BI-LO and remains majority owner. In addition, Credit Suisse has provided $200 million in committed term loan financing, and General Electric Capital has provided a $150 million revolving credit facility.
More information about this Chapter 11 case and access to court documents can be found at www.kccllc.net/BI-LO.
BI-LO, headquartered in Greenville SC, operates 207 supermarkets in South Carolina, North Carolina, Georgia, and Tennessee, and employs about 15,100 people.