South Carolina-based grocery chain Bi-Lo has emerged from Chapter 11 bankruptcy.
Bi-Lo president and chief executive Michael Byars said Wednesday that the company had successfully completed its financial restructuring and was emerging from bankruptcy stronger and leaner.
In March 2009, Bi-Lo filed a voluntary petition for Chapter 11 protection to address an upcoming debt maturity. The U.S. Bankruptcy Court for the District of South Carolina approved a reorganization plan last month, and the company says it has reduced its funded indebtedness by approximately $60 million.
Bi-Lo, based in Mauldin, employs about 15,500 people and operates more than 200 supermarkets in South Carolina, North Carolina, Georgia and Tennessee.