Supermarket chain Bi-Lo filed for Chapter 11 bankruptcy relief in the United States Bankruptcy Court, District of South Carolina. According to its website, the chain has several stores in Georgia.
From the Associated Press –
Details of the credit agreement terms were not immediately available but the company said it has met all the loan’s terms so far.
Bi-Lo management said in a statement that in a normal credit environment it would expect to refinance the loan on "reasonable terms in the ordinary course of business" as its maturity date approaches. But the company determined it needed to file for bankruptcy protection to continue operating because of the current tight credit market.
"We intend to move through this process as quickly as possible, and we firmly believe that this course of action will better position Bi-Lo for continued growth and long-term success," Michael Byars, president and chief executive of Bi-Lo, said in a statement.