Fairway Group Holdings Corp., a New York supermarket chain that faltered following an ambitious expansion, won court approval on Tuesday for a reorganization plan that will cut its debt load in half.
Judge Michael Wiles of the U.S. Bankruptcy Court in Manhattan signed off on the plan a little more than a month after the store operator filed for chapter 11 protection. The company hopes to emerge formally from bankruptcy within two weeks, according to its lawyer, Sunny Singh.
The restructuring plan cuts Fairways funded debt by $140 million and leaves it with about $50 million in cash to help maintain operations while it works to …
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