With its hearing scheduled for Monday, Southeastern Grocers LLC filed documents Tuesday saying its prepackaged Chapter 11 bankruptcy reorganization has unanimous support of voting creditors and should be confirmed.
The Jacksonville-based operator of Winn-Dixie and three other supermarket chains also is asking the court to allow it to emerge from bankruptcy as soon as possible after confirmation, according to our Daily Record news partner.
Southeastern filed a prepackaged reorganization plan March 27 in U.S. Bankruptcy Court for the District of Delaware with the preapproval of most of its creditors.
The plan calls for Southeastern to issue stock in exchange for unsecured debt.
It expects to close 94 stores but continue operating about 580 in seven states under the Winn-Dixie, Bi-Lo, Harveys and Fresco y Mas banners.
Tuesday’s court filing said every unsecured note holder that voted supported the plan,
“The remarkable support for the reorganization contemplated by the Prepackaged Plan by every single voting creditor and interest holder speaks volumes as to its fairness, the good faith efforts that culminated in its filing, and its compliance with the Bankruptcy Code,” the filing said.
The company still hasn’t indicated who those note holders are and who will end up owning all of Southeastern’s stock, according to the Daily Record.
Southeastern said 21 objections to confirmation have been filed, but “only a handful of issues remain contested” and it expects those to be resolved with the confirmation.
Southeastern also is asking the court to waive the standard 14-day stay of the effectiveness of a confirmation order, to allow the company to emerge from bankruptcy quickly.
You can read a longer version of this story on the Daily Record's website.
