March 13 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