Friday, September 11, 2015
Today's A&P Bankruptcy Update
Today the bankruptcy judge heard our objections to A&P's KERP (corporate bonus plan). A&P had filed to hand out over $5 million in bonuses to corporate employees. In leiu of the objections, A&P presented a proposal for $3.9m in bonuses. The judge would not approve the $3.9m, unless they included the additional $1.1 million to the UFCW members' severance packages. Read the article here: http://www.northjersey.com/news/judge-will-not-ok-retention-plan-unless-a-p-increases-severance-payments-1.1408287.
Additionally upcoming procedure dates have also been modified:
Bid deadline – 9/17/15
Auction – 10/1 and 10/2
Sale Hearing – 10/16/15
1113(c) Hearing – 10/16/15
We've updated the chart below to reflect the new dates, please keep them for your records.
Please do not hesitate to contact us for any questions, concerns or issues.
Bruce W. Both
UFCW Local 1500
—IMPORTANT A&P BANKRUPTCY DATES —
Friday, September 11th
The Bankruptcy Court will hear UFCW's objections to A&P’s KERP (corporate bonus plan).
Thursday, September 17th
Bid Deadline: All qualifying bids on the stores are due into the Bankruptcy Court.
Monday, September 21st (tentative)
The Bankruptcy Court will announce what Tier I stores have agreements to be sold and what stores will be sold at the auction on 10/1 & 10/2.
Thursday, October 1st and/or Friday, October 2nd
The auction for the remaining unsold and or closed stores will be held (depending on number of stores, dates could extend).
Friday, October 2nd (tentative)
Bidders can file objections to the sale of stores in the Bankruptcy Court. The UFCW can also file objections to bids made on the stores.
Friday, October 16th
A hearing will be held regarding the objections to the sales filed to the Bankruptcy Court. At this stage, the UFCW will have a voice during the auction process to make recommendations on bidders. For instance, if two companies place a comparable bid on the same store and one is a union employer, while the other is non-union, the unionized store would have an advantage and they should likely win the bid.
A hearing will be held on A&P's filing of a 1113(c).
Bid winners will be formally announced.