SALISBURY, N.C. — A spokeswoman for Food Lion here yesterday acknowledged that its agreement to buy the majority of Bi-Lo’s assets out of bankruptcy for $425 million was no longer valid, but said the chain remains “strongly interested” in acquiring some Bi-Lo assets.
Food Lion said its plan to acquire Bi-Lo was voided after Food Lion failed to come to agreement with Bi-Lo or its creditors before the deadline to submit reorganization plans passed Nov. 20. Although Food Lion’s offer was contingent upon Bi-Lo having exclusivity in presenting a plan of reorganization, its negotiations with Bi-Lo and its creditors continued even after Judge Helen E. Burris granted co-exclusivity last month, sources said.
Christy Brown-Phillips, the Food Lion spokeswoman, in a statement said that Food Lion “remain[s] strongly interested in acquiring certain Bi-Lo assets if an opportunity to purchase assets becomes available as part of the process, which continues to be highly fluid and complex.”
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