WAYNE, N.J. -- Grand Union Co. here presented a restructuring proposal to its major creditors last week as it continues to seek a way out of its capital crunch. default against the chain. Grand Union, which operates 241 stores in six Northeastern states, has been attempting to develop a debt restructuring plan since late last year, when it disclosed that cash from operations after committed capital expenditures would not be sufficient to meet cash interest payments due Jan. 15 on its ...

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