MONTVALE, N.J. — A&P’s unsecured creditors stand to recover between 2.1% and 2.7% of the money owed to them under terms of the retailer’s plan of reorganization, according to a revised disclosure statement filed in U.S. Bankruptcy Court last week.
Previous versions of the disclosure statement accompanying the reorganization plan did not specify a percentage recovery for some groups of creditors. Unsecured creditors include holders of convertible notes, senior notes, quarterly interest bonds, and trade claims.
Landlords under the plan would receive 3% to 3.9% of their claims, while a class of pension withdrawal claims will receive 4.9% to 6.3%. A hearing on the disclosure statement was scheduled in court late last week.
Separately, A&P’s decision to open some of its stores on Christmas Day has drawn the ire of a labor union representing some of its workers. Westbury. N.Y.-based United Food and Commercial Workers Local 1500 last week said it would handbill customers at stores where it represents workers urging them to tell A&P they disapprove of the decision to open stores that day.
Local 1500 said rivals Stop & Shop, ShopRite and King Kullen have agreed not to open on Dec. 25.
A&P said it plans to staff stores with employees who volunteer to work that day.