As Winn-Dixie emerges from bankruptcy protection it has proposed that all but one member of the supermarket chain’s board be replaced.
Under the proposed reorganisation, Peter Lynch, the current president and CEO, is the only person that will remain from the current nine-member board.
Lynch joined Winn-Dixie in December 2004, shortly before the company filed for Chapter 11 bankruptcy in February 2005.
The new reorganisation plan establishes 21 different classes of claimants and eliminates its current stock. Crucially, the plan would leave the company with minimal long-term debt and US$725m in exit financing from Wachovia Corp.
The new proposed directors include: Ronald E. Elmquist; Evelyn V. Follit; Charles P. Garcia; Jeffrey C. Girard; Yvonne R. Jackson; Gregory P. Josefowicz; Terry Peets; and Richard E. Rivera.