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INDIANAPOLIS -- Marsh Supermarkets, Inc. here, which put itself on the selling block a month ago, said it has received the proceeds of a $25 million, two-year term loan that will reduce the outstanding borrowings under its revolving credit facility.
As a result, the company's available borrowings will stood at approximately $55 million as of January 10, 2006. In a statement, Don E. Marsh, chairman and c.e.o., said the term loan enhances the company's "liquidity position and continued commitment to further progress on the previously announced process of identifying and considering strategic alternatives."
In related news, the retailer said it appointed Douglas W. Dougherty to the newly created position of e.v.p./finance and administration. Dougherty will retain his responsibilities of c.f.o, and in addition assume administrative duties with the goal of improving cash flow and reducing debt.
Marsh operates 70 namesake supermarkets, 38 LoBill Foods stores, 8 O'Malia Food Markets, 160 Village Pantry convenience stores, 2 Arthur's Fresh Market stores, and 1 Savin*$, in Indiana, western Ohio, and Illinois. The company also operates Crystal Food Services, which provides upscale catering, cafeteria management, office coffee, coffee roasting, vending and concessions, and restaurant management, and Primo Banquet Catering and Conference Centers; Floral Fashions, McNamara Florist and Enflora - Flowers for Business.