The Great Atlantic & Pacific Tea Co. said Friday that it has secured a $490 million financing package from Ron Burkle’s Yucaipa Cos., Mount Kellett Capital Management and investment funds managed by Goldman Sachs.
The Great Atlantic & Pacific Tea Company (A&P) has asked U.S. Bankruptcy Court in White Plains, N.Y., for a second extension of its deadline to submit an exclusive plan of reorganization to its creditors.
Najafi Cos., the private equity firm that tentatively agreed to purchase bankrupt Borders Group, is is reportedly no longer interested in Borders unless its conditions are met, The Wall Street Journal reported.
Borders is seeking at least $50 million in additional financing as sales trail expectations and publishers demand cash in advance, according to two people who have seen the chain’s plans to reorganize, Bloomberg reported.
Borders Group, which filed Chapter 11 bankruptcy in February and has announced plans to close about a third of its stores, said it plans to pay key employees as much as $8.3 million in incentives and retention bonuses, Bloomberg reported.
Some landlords, vendors and other unsecured creditors of Blockbuster are objecting to Blockbuster's plan to sell itself because they fear they won't be paid what they are owed, according to the Associated Press.
After filing for Chapter 11 reorganization bankruptcy in September, then winning an extension until Feb. 4 to file its restructuring plan to emerge from bankruptcy, Blockbuster now has until March 21 to file the plan and until May 20 to round up enough votes among its creditors for approval.
Blockbuster has received an extension to Feb. 4 to file its restructuring plan in order to emerge from bankruptcy protection, according to a regulatory filing with the Securities and Exchange Commission,