The creditors of Winn-Dixie have voted in favour of the supermarket chain’s reorganisation plan, which aims to help the company emerge from bankruptcy by mid-November.
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Under the proposed reorganisation, Peter Lynch, the current president and CEO, is the only person that will remain from the current nine-member board.
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.
Before the plan can be put into action, a US bankruptcy judge must approve it.
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