CHANDLER, Ariz. — Bashas' here emerged on schedule on Saturday from operating under Chapter 11 bankruptcy protection.
In a letter to employees Tuesday, Edward N. Basha 3rd, vice president, retail operations, said the company mailed its first round of checks to creditors on the same day it officially emerged — a total reported to be $59.4 million.
Some of the chain's secured creditors sought to put a hold last week on the chain's emergence but withdrew their filing when Bashas' reportedly agreed to make principal payments to them monthly rather than annually.
"The Chapter 11 process has not been easy," Basha said in the letter. "It is important to realize that many companies do not make it through the process. It is even more rare for a company to propose to pay back its creditors in full, with interest. We have managed to do both.
"Unfortunately our nation and state are in a recession. We all must continue to give our best effort daily. As a family, we're in this together. Drawing strength from our past, we will work hard for our future."
