UTICA, N.Y. -- Victory Holdings here, parent of Victory Markets, expects the U.S. Bankruptcy Court in Providence to confirm the reorganization plan for Almacs, East Providence, R.I., at a hearing today.
macs' secured and unsecured creditors and other interested parties. According to a Victory spokesman, "We expect the vote to be close, but we are hopeful it will favor the reorganization."
Besides voting on whether to approve the acquisition of Almacs by Victory, the creditors are voting on the terms of Almacs' amended plan of reorganization, including new financing and collective bargaining agreements by various parties.
Once the court has confirmed the vote, the acquisition could be finalized within 10 days -- "certainly by the end of November," the spokesman said.
Almacs has been operating under Chapter 11 bankruptcy protection since Aug. 6, 1993. Victory will reportedly pay approximately $30 million to acquire the chain from its majority shareholder, Leonard Green & Partners, Los Angeles. Once the deal is final, Victory has said it plans to retain the Almacs name, store management and store-level employees.