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.
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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."
