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Regional independent Bashas’ bankruptcy plan was okayed in its entirety last week by the state bankruptcy court, according to a letter from CEO Ed Basha to company employees.
“That means everything we requested, including the interest rate; repayment to our creditors, vendors, and lenders; and all other aspects to our plan have been approved,” he wrote. “The support from our vendors and the Unsecured Creditors Committee was essential to Judge [James] Marlar’s decision in confirming the plan. We are humble, grateful and extremely pleased with the outcome.”
In his conclusion, the judge said: “This court recognizes in cases of this magnitude, with inherent and unique complexities, the number of Arizona jobs involved, and with thousands of creditors, it is critical that this full payment plan, over a reasonably short period of time, which meets the bankruptcy code requirements, be confirmed now. Further delay is not in anyone’s best interest.”
The bankruptcy court will continue to have jurisdiction over matters related to terms of the plan and enforcement of the plan.
Chandler, Ariz.-based Bashas’ operates more than 130 grocery stores.