WAYNE, N.J. -- Grand Union Co. here said it will not make a $36 million interest payment that is due next Monday. The chain said it will instead use its 30-day grace period to negotiate a capital restructuring with its bondholders and try to obtain a waiver that will keep the chain from defaulting on its bank loans. If no restructuring is agreed upon by the end of the 30-day grace period, Grand Union said it will be in default under the indenture governing its 12% senior notes due Sept. 1, ...
REGISTER TO VIEW THIS ARTICLE - Register for a Free Account
Registering for content on Supermarket News will give youINSTANTaccess to invaluable articles and media content that industry professionals rely on. You will have access to our special reports, feature articles, and industry analysis. It’sFREE, easy and quick. What are you waiting for!In addition you will also receive a complimentary copy of SN's salary survey sent to you by email.
Attention Paid Print Subscribers: While you have already been grantedfreeaccess to SNwe ask that youregister now.We promise it will only take a few minutes! Or visit your profile and add your print magazine account number and zip code.