Great Atlantic & Pacific Tea Co’s (A&P) has exited Chapter 11 bankruptcy and appointed a CFO to replace the resigning Frederic Brace.
The US supermarket group, known as A&P, said it completed a financial restructuring and has emerged from bankruptcy proceedings as a private company.
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The group said it has assembled a new management team, refurbished stores and concentrated them near core markets, negotiated a new agreement with its principal supplier, and modified collective-bargaining pacts with unions.
The troubled US retailer and its subsidiaries filed voluntary Chapter 11 petitions on 12 December 2010.
A&P secured a US$490m financing deal with retail magnate Ron Burkle’s investment vehicle Yucaipa Cos last month. However, the company said today (14 March) that JPMorgan Chase & Co. and Credit Suisse arranged an additional $645m in exit financing for the firm.
“In just over one year, we have completed a thorough restructuring of A&P’s cost structure and balance sheet to build a strong foundation for the company’s future,” said A&P’s president and CEO Sam Martin. “With the full support of our financial partners, the new A&P is committed to delivering exceptional value and an enhanced in-store experience to all of our customers across our more than 300 neighbourhood food and drug stores.”
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By GlobalDataIn conjunction with A&P’s emergence from Chapter 11, the company announced the resignation of its CFO, Brace, and the promotion of Raymond Silcock as his successor.
Silcock joined A&P in December last year as head of finance. Prior to this, he was executive-in-residence at Palm Ventures, a private equity firm.
Brace will continue to serve the company in an advisory capacity, A&P said.
