PRZOOM - /newswire/ -
Norwalk, CT, United States, 2010/06/16 - GE Capital, Restructuring Finance today announced it agented a $150 million plan of reorganization credit facility to BI-LO, one of the largest supermarket chains in the Southeastern U.S (NYSE: GE). NYSE: GE
The loan supports BI-LO’s exit from bankruptcy and ongoing working capital needs. GE Capital Markets served as sole lead arranger.
Founded in 1964, BI-LO is a privately held company based in Mauldin, SC. The company operates approximately 200 supermarkets in South Carolina, North Carolina, Georgia and Tennessee.
“GE understood our business objectives and made a significant financial commitment to help move us forward,” said Brian Carney, chief financial officer for BI-LO. “We value having a lender that works closely with us in both good and challenging times.”
“The combination of our retail and restructuring expertise means smarter liquidity solutions for customers through more options and greater flexibility as they complete financial restructurings,” said Tim Tobin, managing director of retail restructuring for GE Capital, Restructuring Finance.
About GE Capital, Restructuring Finance
GE Capital, Restructuring Finance is a leading provider of senior secured loans to distressed companies supporting Chapter 11 filings, plan-of-reorganizations and out-of-court restructurings. For more information, visit gelending.com/clnews/.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. GE operates in more than 100 countries and employs about 300,000 people worldwide.
Jeff Wilson, GE Capital, Corporate Finance
P: +1 203 749 6340, E: Jeffrey.Wilson[.]ge.com.