Wednesday, November 28, 2018

Tops Markets Emerges From Chapter 11 Reorganization

The Shelby Report
Tops Markets LLC has successfully completed its financial restructuring and emerged from Chapter 11. The company, which reorganized with the support of its secured creditors and the Official Committee of Unsecured Creditors, says it is emerging with “enhanced financial flexibility and (is) well positioned for long-term success,” adding that it will invest in its stores to create an “even more exceptional shopping experience.”

The Williamsville, New York-based company is emerging from Chapter 11 with a substantially stronger balance sheet, reducing its debt by approximately $445 million and with more than $100 million in liquidity. It also emerges having resolved the labor and pension issues that it faced at the commencement of the Chapter 11 cases, the company says.. . . more