WAYNE, N.J. -- A confirmation hearing on a reorganization plan submitted by Grand Union Co. here to the U.S. Bankruptcy Court in Wilmington, Del., has been rescheduled for May 31. The hearing was originally scheduled for May 18. The delay was requested by the chain after it filed its second amended Chapter 11 plan and disclosure statement detailing the terms of its settlement agreement with creditors of its parent company, Grand Union Capital Corp. Under the settlement, Grand Union said it will issue two series of warrants to holders of the parent company's zero coupon notes, both with a term of five years from the effective date of the plan. One series will consist of 300,000 warrants having an exercise price of $30 per share of new common stock, while the other series will include 600,000 warrants with an exercise price of $42 per share of new stock. The company said it would issue 10 million shares of new common stock under the reorganization plan, with 80% of the warrants going to holders of senior zero coupon notes and 20% to the holders of senior subordinated zero coupon notes.