The Charlotte Business Journal reports that Bi-Lo has filed a reorganization plan that will allow it to emerge from bankruptcy without having of its assets being acquired by Food Lion.
However, Food Lion says it is still interested “in acquiring certain Bi-Lo assets if an opportunity.” Its original bid for Bi-Lo assets was valued at about $425 million.
“Food Lion is not part of the reorganization plans filed with the court,” Food Lion says in a written statement. “We had a non-binding agreement with the debtor to acquire certain assets of Bi-Lo, but this agreement is no longer valid.”
According to the story, Bi-Lo - which filed for Chapter 11 protection last March - “includes a $350 million cash infusion funded by a $150 million equity investment and $200 million in term-loan financing.”
However, Food Lion says it is still interested “in acquiring certain Bi-Lo assets if an opportunity.” Its original bid for Bi-Lo assets was valued at about $425 million.
“Food Lion is not part of the reorganization plans filed with the court,” Food Lion says in a written statement. “We had a non-binding agreement with the debtor to acquire certain assets of Bi-Lo, but this agreement is no longer valid.”
According to the story, Bi-Lo - which filed for Chapter 11 protection last March - “includes a $350 million cash infusion funded by a $150 million equity investment and $200 million in term-loan financing.”
- KC's View:
