Tops Markets, LLC announced that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization. Tops expects to complete its restructuring and emerge from Chapter 11 shortly.
On February 21, 2018, Tops Holding Company LLC announced that it iwas pursuing a financial restructuring in order to eliminate a substantial portion of debt from the Company’s balance sheet and position Tops for long-term success. To implement the financial restructuring, the Company elected to file for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.
“We are pleased to receive the Court’s approval of our Plan and are poised to emerge from this process an even stronger and more competitive company,” said Frank Curci, Chief Executive Officer of Tops. “Through this process, we have accomplished several key objectives, including significantly reducing our debt, creating a viable cost structure and efficiently optimizing our store portfolio. Importantly, we provided an opportunity for employment to every associate who was interested and impacted by store closings at other nearby stores. Our restructuring will create an even more exceptional shopping experience for our customers and assure that we will continue to serve our communities like no one else can.”
“On behalf of everyone at Tops, I want to thank all Tops associates, who have continued to provide customers with convenient, friendly and high-quality service. I also want to thank our loyal customers, suppliers and other stakeholders for their continued support throughout this process. ”
On February 21, 2018, Tops Holding Company LLC announced that it is pursuing a financial restructuring in order to eliminate a substantial portion of debt from the Company’s balance sheet and position Tops for long-term success. To implement the financial restructuring, the Company elected to file for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.
On Nov. 19 the court approved exit financing totaling $150 million. Bank of America served as administrative agent, records show.
The facilities include $140 million in revolving commitments, and the loans outstanding thereunder from time to time, which will include a $75 million sublimit for the issuance of letters of creditn available for the account of any Loan Party from time to time until the Maturity Datd. Letters of Credit will be issued by Bank of America. Additionally, a $10 million first-in, last-out (FILO) term loan facility shall be advanced in full on the Closing Date. Once repaid, no portion of the FILO Facility may be re-borrowed.