TAMPA, Fla. -- After a search lasting several months, Kash n' Karry Food Stores here last week called off its hunt for a buyer.
In a plan presented to some 45 bondholders late last week, Green officials sought to extend the maturities of its senior notes, reduce interest rates on its fixed-rate senior notes and convert about $105 million of subordinated debentures into Kash n' Karry common stock. The recapitalization plan is being negotiated with a bondholder committee.
Kash n' Karry, which reported a loss of $6.4 million in its second quarter ended Jan. 30 and sales of $278.2 million, had hired Morgan Stanley, New York, late last year to search for buyers.