The Birmingham News reports that bankrupt Belle Foods has agreed to sell its remaining 44 stores as a way of paying off its $42 million in debt.
According to the story, "In a deal reached with its largest creditor and approved by a U.S. Bankruptcy Court judge today, C&S Wholesale Grocers Inc. will sell all of the 44 stores Belle now owns while C&S extends the debtor in possession financing to Belle Foods to allow its grocery stores to continue operating until the sales can be completed by Oct. 4."
Bill White and Jeff White, the father and son team that owns Belle Foods, will have the right to bid on some of the stores, but C&S will be focused on taking the best offers made on the stores. In addition, a chief restructuring officer will be hired to facilitate the transition and transactions.
Belle already has closed 13 stores since it filed for bankruptcy protection earlier this month.
According to the story, "In a deal reached with its largest creditor and approved by a U.S. Bankruptcy Court judge today, C&S Wholesale Grocers Inc. will sell all of the 44 stores Belle now owns while C&S extends the debtor in possession financing to Belle Foods to allow its grocery stores to continue operating until the sales can be completed by Oct. 4."
Bill White and Jeff White, the father and son team that owns Belle Foods, will have the right to bid on some of the stores, but C&S will be focused on taking the best offers made on the stores. In addition, a chief restructuring officer will be hired to facilitate the transition and transactions.
Belle already has closed 13 stores since it filed for bankruptcy protection earlier this month.
- KC's View:
