USA: Safeway incurs 2001 charge after Future Beef bankruptcy
The placing of Denver, Colo-based meat processing company Future Beef Operations LLC in Chapter 11 bankruptcy on 4 March 2002 has raised the spectre of a 2001 charge for supermarket giant Safeway Inc. Safeway is a 15% equity investor in Future Beef and has a supply contract to purchase beef from the company. In addition, Safeway has a first loss deficiency agreement with Future Beef's principal lender, which provides that under certain circumstances and in the event of liquidation, Safeway will pay the lender up to US$40m if proceeds from the sale of collateral do not fully repay the amount owed by Future Beef to the lender.
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