US-based supermarket chain Southeastern Grocers (SEG) has completed financial restructuring and has emerged from Chapter 11.
The company has transformed its financial profile and decreased debt levels by approximately $600m.
The $600m debt included $522m of debt exchanged for equity in the reorganised company.
Southeastern Grocers plans to strengthen its business by remodelling 100 stores this year and opening new stores. It has currently remodeled 28 of the 100 planned stores.
As part of its restructuring efforts, the company also plans to invest in other customer programmes, including the launch of SE Grocers rewards loyalty programme starting in July.
SEG president and chief executive officer Anthony Hucker said: “With a stronger balance sheet, we will continually improve the shopping experience for our customers and communities, including nearly 100 store remodels and new store concepts.
“We thank our customers for their continued support and look forward to building even better relationships through our SE Grocers rewards loyalty programme and increased promotional activities across our operations.
“With the support of our talented leadership team, associates and supplier partners, we will continue to write SEG’s success story in the Southeast.”
Following the financial restructuring, SEG will operate more than 575 stores under the BI-LO, Fresco y Más, Harveys Supermarket, and Winn-Dixie banners.
Weil, Gotshal and Manges served as the legal counsel, Evercore acted as an investment banker, while FTI Consulting was assigned as restructuring advisor to SEG.