SEG expects to complete its financial restructuring process and emerge from Chapter 11 in the coming weeks, after the conditions of its Amended Prepackaged Chapter 11 Plan—which has been confirmed by United States Bankruptcy Court for the District of Delaware—are satisfied.
As previously announced, the plan will decrease SEG’s overall debt levels by approximately $600 million (including $522 million of debt exchanged for equity in the reorganized company) and strengthen its balance sheet, allowing SEG to invest in the business to further support its financial health and long-term success.
“We are delighted with the Court’s swift approval, which marks a major milestone in the transformation and correction of our business,” said SEG President and CEO Anthony Hucker. “This confirmation paves the way for us to emerge as a strong, viable business that is well-positioned to succeed in the competitive retail market.
“I want to thank our dedicated associates who have remained focused on ensuring our customers and communities can count on us. We’re rooted in our purpose and now firmly on our path to success. We’re eager to show our customers how far we’ve come—and how far we’re going—as we emerge from this process.”
SEG will continue to operate more than 575 stores under the Bi-Lo, Fresco y Más, Harveys Supermarket and Winn-Dixie banners, throughout the seven southeastern states of Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina.
Additional information about the company’s restructuring efforts is available here. Court documents and additional information can be found at a website administered by the company’s claims agent, Prime Clerk, here.