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JASPER, Ind. -- Buehler Foods Inc., which owns and operates grocery stores in five states, has delayed filing its bankruptcy reorganization plan.
The regional chain, based here, was originally expected to submit its plan to U.S. Bankruptcy Court in Evansville in August. The company, which filed for bankruptcy in May, now says the reorganization plan and a final financing agreement with the company's biggest creditors will be submitted by Nov. 15.
Buehler Foods' attorneys have said the extra time was needed to come up with a plan that would appease creditors and reorganize Buehler's $67 million-plus debt.
Company officials have pinned Buehler's financial woes on unexpected delays in assuming control of 16 Winn-Dixie grocery stores after borrowing millions of dollars to buy the stores. As a result of the delays, the company says it was forced to file for bankruptcy.
Under its Chapter 11 filing, Buehler's said it would continue operating most of its stores in Indiana, Illinois, Kentucky, North Carolina and Virginia as it tries to reorganize. Since the bankruptcy filing, the company has announced plans to close 17 stores in the Louisville, Ky. market.