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JACKSONVILLE, Fla. -- Winn-Dixie Stores, Inc. here yesterday designated nine people to serve on a newly constituted board of directors when the retailer emerges from bankruptcy, including Winn-Dixie president and c.e.o. Peter Lynch, who is expected to serve as chairman of the new board.
A confirmation hearing for the U.S. Bankruptcy Court for the Middle District of Florida to consider approval of Winn-Dixie's plan of reorganization has been scheduled to begin Oct. 13. If the court confirms the plan, Winn-Dixie will emerge from Chapter 11 protection later this year with sufficient financing and liquidity to make significant investments in its current store base, develop new stores, and take other actions to position the business to compete effectively in its markets over the next several years. The company also expects to emerge with only a minimal amount of long-term debt on its balance sheet.
In advance of the upcoming hearing before the Hon. Jerry A. Funk, Winn-Dixie yesterday filed a number of supplemental documents required by its plan of reorganization, among them a list of the proposed members of the retailer's new board of directors, a copy of the final commitment letter for $725 million in exit financing, proposed draft forms for Winn- Dixie's new charter and bylaws, a stock registration rights agreement, a new equity incentive plan to be provided to key associates, and protocols for the settlement of certain claims.
If the plan is confirmed, a new board of directors will take office on the effective date of the plan. The company and the creditors committee have designated the following eight people to join Lynch on the new Board, pending the Bakruptcy Court's approval:
--Ronald E. Elmquist, president and c.e.o. of Qualserve Corp. Among other postings, Elmquist has served as president of Global Food Services and corporate v.p. at Campbell Soup Co., and held a senior position at Fleming Cos., Inc.
--Evelyn V. Follit, s.v.p., chief organizational enabling services officer, and c.i.o. at Radio Shack from 1997 to 2005. Follit is currently a director at Catalina Marketing Corp. and GetConnected, Inc.
--Charles P. Garcia, president of the Sterling Hispanic Capital Markets Group at vFinance, Inc.
--Jeffrey C. Girard, vice chairman, finance and administration at ShopKo Stores, Inc. from 2002 to 2004. He previously held senior management positions at Supervalu, Inc.; Supermarkets General Corp.; Pathmark Stores, Inc.; and Standard Brands, Inc.
--Yvonne R. Jackson, founder and president of BeecherJackson. Jackson, who began her career as a personnel manager at Sears, Roebuck & Co., has served as s.v.p., human resources for companies including Burger King Corp.
--Gregory P. Josefowicz, former chairman, president and c.e.o. of Borders Group, Inc. Josefowicz earlier was president of the Midwest Region of Albertsons, Inc., held several senior positions at Jewel Food Stores, and served as a director of Spartan Stores, Inc.
--Terry Peets, senior advisor to J.P. Morgan Partners and a director of Pinnacle Foods Group, Inc. and Ruiz Foods, Inc., among other companies. Peets has served as chairman of Bruno's Supermarkets, Inc.; e.v.p. of Vons Cos., Inc.; and e.v.p. of Ralph's Grocery Co.
--Richard E. Rivera, president and c.e.o. of Rubicon Enterprises, LLC and a director of the National Restaurant Association. Rivera's previous positions include vice chairman, president, and c.o.o. at Darden Restaurants, Inc. and president of Darden's Red Lobster chain.
"The members are a diverse group, with considerable experience and expertise ranging from the food and supermarket industry to human resources to information technology," noted Lynch in a statement. "Their collective knowledge, judgment and support will be a tremendous asset for our management team as we continue to pursue opportunities to strengthen and grow our business."
Winn-Dixie currently operates 521 stores in Florida, Alabama, Louisiana, Georgia, and Mississippi.