COLUMBIA, S.C. — Creditors in the Bi-Lo bankruptcy case have withdrawn a proposed plan of reorganization after term lenders withdrew their plans to invest in it, court documents filed this week show.
The official committee of creditors and an ad-hoc committee of term lenders had collaborated on a plan that would have provided new investment of $79.5 million and new term notes of $164.1 million. Bi-Lo and its owners, Lone Star Funds, had submitted a competing plan.
It was unclear Thursday whether creditors — who fought for the right to file an exclusive plan — would submit another.
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