TAMPA, Fla. -- Bondholder creditors of Kash n' Karry Food Stores here said last week they want to complete negotiations on the company's proposed recapitalization plan quickly.
Trade creditors will not be affected by the recapitalization plan, Kash n' Karry said in a statement.
Kash n' Karry, as reported, called off its search for an equity investor last month and instead proposed a restructuring of its debt and equity. Leonard Green & Partners, a Los Angeles investment group that controls Kash n' Karry, would see its equity position reduced from 61% to 14.5% in the proposed recapitalization.
"The [bondholders] committee is looking forward to completing the recapitalization quickly," said David Preiser, an executive of Houlihan Lokey Howard & Zukin, the committee's financial adviser. "The committee supports the company's objective of ensuring that this process has minimal impact on its operations and that its trade relations are preserved."