Southeastern Grocers’ (SEG) (other than Winn-Dixie Warehouse leasing) Amended Joint Prepackaged Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on May 14, 2018.
According to a press release issued by the Company, “Through this process, SEG has transformed its financial profile and established a strengthened balance sheet by decreasing overall debt levels by approximately $600 million (including $522 million of debt exchanged for equity in the reorganized Company) while maintaining the Company’s strong liquidity position. With a solid financial foundation, SEG will further advance its business through store remodels and new stores. The Company will also invest in additional customer programs, including the introduction of the new SE Grocers rewards loyalty program beginning in July 2018.” Anthony Hucker, President and Chief Executive Officer of SEG, states, “It is an exciting new day for Southeastern Grocers as we emerge a stronger company with an optimal store footprint that is well-positioned to thrive in the competitive retail market. Our number one focus is serving our associates and customers, and providing our communities with a shopping experience they can count on.” SEG will continue to operate more than 575 stores under the BI-LO, Fresco y Más, Harveys Supermarket and Winn-Dixie banners throughout the seven states that SEG serves. The Debtors also filed with the Court forms (without exhibits and schedules) of (i) the Exit Term Loan Facility Credit Agreement and (ii) the Exit ABL Facility Credit Agreement.
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