Monday, August 8, 2011

A&P Seeks More Time to File Reorganization Plan

Via Supermarket News: 
http://supermarketnews.com/retail_financial/ap_plan_0803/?cid=upd
By: John Springer

WHITE PLAINS, N.Y. — A&P has asked U.S. Bankruptcy Court here for a second extension of its deadline to submit an exclusive plan of reorganization to its creditors. The retailer in court papers filed this week said the extension — to Jan. 16 of next year from a previous deadline of Dec. 31 — would assure stability through the holiday season giving it "the very best opportunity for a successful exit from Chapter 11." A&P said talks with organized labor over the renegotiation of 34 collective bargaining agreements was at a "crucial stage" while it was pushing ahead with other efforts on its operational turnaround. The exclusivity period allows company management to craft a plan to pay back creditors as opposed to creditor constituencies, which can present their own plans after the deadline. The request to extend also asks the court approve an extension of A&P's exclusive solicitation period through March 16, from an earlier date of Feb. 29.

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