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UPDATE 1-A&P says court grants final approval for DIP facility
January 13, 2011 / 11:09 PM / in 7 years

UPDATE 1-A&P says court grants final approval for DIP facility

* Gets access to remaining $450 mln

* Q3 sales fall 9 pct to $1.79 bln

Jan 13 (Reuters) - Bankrupt grocer Great Atlantic & Pacific Tea Co Inc GAPTQ.PK posted a 9 percent fall in third-quarter sales and said it received final court approval for its debtor-in-possession facility, giving it access to the remaining $450 million.

The company known as A&P, which filed for bankruptcy protection in December, earlier had about $350 million available under the DIP facility.

Third-quarter sales fell to $1.79 billion from $1.96 billion a year earlier, A&P said in a filing with the U.S. Securities and Exchange Commission.

Once the largest U.S. grocer, the owner of about 400 stores under brands such as A&P, Waldbaum’s and Super Fresh filed for Chapter 11 bankruptcy, drained of cash by tough competition and a sluggish economic recovery. [ID:nN12172233] (Reporting by Mihir Dalal in Bangalore; Editing by Anne Pallivathuckal)

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