COLUMBIA, S.C. — A judge in the Bi-Lo Chapter 11 bankruptcy case has given the retailer until Oct. 7 to file a plan of reorganization and ordered Bi-Lo and its creditors to discuss all possible plans including potential transactions until then.
Bi-Lo had asked for an extension through Oct. 19. Its original deadline was to have been today. Term lenders in the meantime filed with the court details of its proposal for reorganization, involving a $72 million investment in exchange for new equity in the company. Creditors in the case have argued that Bi-Lo was pushing for an extension so as to provide more time for a transaction that would preserve its owners’ interest.
Bi-Lo separately on Friday said it recorded a loss of $970,000 on sales of $199.9 million for the four weeks ended Aug. 15. The unaudited figures showed a sharp drop from the prior four-week period, when Bi-Lo earned $30.8 million on sales of $205 million.
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