Fairway Files Ch. 11 With $70M Bid From Village Super Market

Law360 (January 23, 2020, 10:56 AM EST) -- Supermarket chain Fairway Markets filed for Chapter 11 protection in New York on Thursday with $227 million in debt and a sale plan backed by its lenders that includes a $70 million bid from Village Super Market Inc. for up to five New York City stores.

Fairway said an ad hoc group of lenders holding about 91% of its senior debt signed off on the plan Wednesday and will provide up to $25 million in debtor-in-possession financing.

“After careful consideration of all alternatives, we have concluded that a court-supervised sale process is the best way to meet our objectives of preserving...

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