Newspaper article The Record (Bergen County, NJ)

A&p Can Use Cash Collateral, Judge Says

Newspaper article The Record (Bergen County, NJ)

A&p Can Use Cash Collateral, Judge Says

Article excerpt

Bankrupt supermarket company A&P received court approval Tuesday to continue using its cash collateral while disposing of its remaining store leases and other assets.

The Montvale-based company and its creditors were praised by U.S. Bankruptcy Judge Robert Drain for the "remarkably non-litigious" way they are handing the case.

A&P, which said Tuesday that it has sold or auctioned 205 of its stores thus far and rejected 85 additional leases, is coming close to the stage in bankruptcy when creditors will begin dividing up the money raised by dissolving the company. The grocery chain had 296 supermarkets when it filed for bankruptcy July 19 and about 20 freestanding liquor stores.

A&P said in court Tuesday that it is still operating about 15 liquor stores.

Drain said he hopes the non-combative spirit between the company and creditors continues and that fighting excessively over the money raised will not benefit anyone. …

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