Southeastern Grocers LLC, the Florida-based operator of supermarket chains Winn-Dixie and Bi-Lo, announced this morning that it has filed for Chapter 11 bankruptcy protection to restructure debt.
Reuters reports the company listed assets in the range of $1 billion to $10 billion and liabilities in the range of $1 billion to $10 billion, citing a Delaware bankruptcy court filing. The restructuring will reduce its debt by $500 million as it will continue to operate over 580 stores, the company says.
Southeastern Grocers has secured 100% committed exit financing in the form of a senior secured six-year term loan facility in the original principal amount of $525 million and an asset-based lending revolving credit facility.
The company announced its bankruptcy plans earlier this month, adding that it would shutter 94 underperforming stores. Southeastern Grocers operates its stores in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina.
