BIRMINGHAM, Ala. — A 10-year-old lawsuit by bondholders of the now-defunct Bruno's Supermarkets here against Citigroup has been settled, according to local press reports.
Terms of the settlement were not disclosed.
The suit was filed in 1999 after Bruno's defaulted on $400 million in bonds sold to investors to finance the 1995 purchase of the chain by Kohlberg Kravis & Roberts, the New York-based investment firm. Citigroup served as a financial adviser to Bruno's at the time.
Bruno's filed for bankruptcy in 1998 and never fully recovered, with the stores sold to several different operators over the years.
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