UPDATE 1-Supermarket chain A&P emerges from bankruptcy
March 13 (Reuters) - A&P, once the largest U.S. supermarket chain, said on Tuesday that it had emerged from bankruptcy protection as a private company after obtaining $490 million of financing from several investors including Goldman Sachs and an affiliate of billionaire Ron Burkle.
The company, whose formal name is The Great Atlantic & Pacific Tea Co, had won court approval for its Chapter 11 plan on Feb. 28. It filed for protection from creditors on Dec. 12, 2010.
A&P's stores include Food Emporium, Pathmark, Superfresh and Waldbaum's, as well as its namesake stores. It operates 320 stores in six U.S. states, roughly 2 percent of the more than 15,000 stores it once operated.
The $490 million of debt and equity financing came from Yucaipa Cos, an investment vehicle for Burkle; Goldman Sachs Asset Management LP; and Mount Kellett Capital Management LP, an investor in distressed companies.
The company, based in Montvale, New Jersey, also said on Tuesday that it had promoted Raymond Silcock to be its chief financial officer. Silcock is replacing Frederic Brace, who is leaving his post in conjunction with the emergence from bankruptcy.
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