BI-LO files for bankruptcy protection, blames current credit crisis
BI-LO files for bankruptcy protection, blames current credit crisis
BI-LO LLC, a South Carolina-based supermarket chain of more than 200 stores owned by Lone Star Funds, filed for Chapter 11 bankruptcy protection March 23, apparently in relation to a $260 million debt obligation that was maturing three days later.
In a press release announcing the action, the company said that it "intends to use the court-supervised process to address an upcoming debt maturity," and it "expects to reach mutually acceptable resolutions with all of its constituencies and to exit bankruptcy as expeditiously as possible."
In a press release announcing the action, the company said that it "intends to use the court-supervised process to address an upcoming debt maturity," and it "expects to reach mutually acceptable resolutions with all of its constituencies and to exit bankruptcy as expeditiously as possible."