Bi-Lo receives $125 million DIP financing

Greenville, N.C. Bi-Lo on Friday said it had received court approval for a revised $125 million in debtor-in-possession financing facility from GE Capital.

The company said it had reviewed "several" DIP financing proposals from different lenders since filing for Chapter 11 bankruptcy protection three weeks ago.

"We are pleased to have reached this agreement," said Michael Byars, president and CEO of Bi-Lo in a statement. "The revised agreement we have reached with GE Capital provides us with more liquidity on better overall terms than originally proposed."