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Bashas' Expects Chapter 11 Ruling 'Within a Week'

Bashas' said it anticipates a decision on its reorganization plan "within a week or so" following closing arguments in U.S. Bankruptcy Court in Phoenix.

CHANDLER, Ariz. — Bashas' here said Monday it anticipates a decision on its reorganization plan "within a week or so" following closing arguments earlier in the day in U.S. Bankruptcy Court in Phoenix.

If the chain's plan is accepted, "and we are hopeful that it will be," Edward N. Basha 3rd, senior vice president, said, "we would officially emerge from Chapter 11 shortly thereafter. We continue to remain positive and optimistic."

Basha made his comments in a letter to employees late Monday. The chain has been operating under Chapter 11 since June 2009.

Bashas' reorganization plan was supported by the official committee of unsecured creditors, which represents trade vendors, but was opposed by the chain's secured lenders. In early June the bankrtuptcy judge said he would not support a plan that did not have support from all parties.