EAST PROVIDENCE, R.I. -- A hearing on Almacs Supermarkets' Chapter 11 restructuring plan has been delayed for a second time while the company works out details of a proposed acquisition by Victory Markets, Utica, N.Y.
on to the court in light of the potential acquisition. Almacs originally had submitted a reorganization plan for its 26 stores in New England that did not include a suitor.
Victory is continuing discussions with various parties at Almacs -- including its main supplier, bondholders and employee union -- to gain approval for the acquisition, he said.
"It's a very complicated transaction," Mead said, although he would not elaborate further on the ongoing discussions or the terms of the agreement.
Victory, which operates 73 Great American Stores in upstate New York, is not commenting on the acquisition at this time, according to a spokesman.
As reported earlier, Victory won approval from Almacs' unionized employees for terms of its proposed collective bargaining agreement.
Mead said if an agreement is reached, Victory would acquire Almacs after the New England chain has completed the reorganization process.
