US: A & P exits bankruptcy
The chain has sold or shut down 75 stores over the past 15 months, while restructuring its debt and cost structure. It has also received $490m in debt and equity financing from investors Mount Kellett Capital Management, Yucaipa and funds managed by Goldman Sachs, as well as a $645m exit financing facility from JP Morgan and Credit Suisse.
CEO Sam Martin noted: "With the full support of our financial partners, the new A&P is committed to delivering exceptional value and an enhanced in-store experience to all of our customers across our more than 300 neighbourhood food and drug stores. Going forward, we remain committed to investing in our stores and providing our customers with new products that match their health and wellness needs and reflect the diversity of the neighbourhoods we serve".
Later, the group named Raymond Silcock as its new CFO, following the resignation of Frederic Brace from the post. Brace was originally A&P’s chief administrative officer and became chief restructuring officer when the company entered Chapter 11. He was named CFO when the previous incumbent, Brenda Galgano, resigned in 2011. Silcock joined the supermarket chain in December 2011 as head of finance. He has previously worked as CFO for food and beverage firms such as Cott, UFT, and Swift & Co.
Source: www.kamcity.com
