Fleming Files Plan of Reorganization
DALLAS - Fleming Companies Inc. today announced that it has filed its proposed Plan of Reorganization and Disclosure Statement with the U.S. Bankruptcy Court in Wilmington, Del. The plan reflects an agreement reached between Fleming and its creditors' committee.
Archie Dykes, chairman of Fleming, said the company would continue evaluating any binding offers that it expects to receive in mid-December for its convenience division, which distributes food and other supplies to convenience stores.
Fleming said it would reorganize the company around the convenience unit if it does not receive a satisfactory offer.
"Our business is well-positioned to succeed, either under a new owner or as the foundation of the company's reorganization plan," said J. Michael Walsh, c.e.o. and president of Core-Mark, which is part of Fleming's wholesale convenience distribution business. "We are pleased with our continuing progress as we begin the final phase of the reorganization process. In fact, our customer fill rate for the prior quarter achieved record levels and we look forward to continuing to provide superior service to our customers well into the future."
Under the proposed Plan of Reorganization, holders of common stock of the company would not receive a distribution. Instead, these equity interests would be cancelled as of the effective date, and the company would be owned principally by its general unsecured creditors who would receive a pro rata share of new equity of the reorganized businesses.
A court hearing to review the adequacy of the Disclosure Statement will be scheduled following the filing.
Archie Dykes, chairman of Fleming, said the company would continue evaluating any binding offers that it expects to receive in mid-December for its convenience division, which distributes food and other supplies to convenience stores.
Fleming said it would reorganize the company around the convenience unit if it does not receive a satisfactory offer.
"Our business is well-positioned to succeed, either under a new owner or as the foundation of the company's reorganization plan," said J. Michael Walsh, c.e.o. and president of Core-Mark, which is part of Fleming's wholesale convenience distribution business. "We are pleased with our continuing progress as we begin the final phase of the reorganization process. In fact, our customer fill rate for the prior quarter achieved record levels and we look forward to continuing to provide superior service to our customers well into the future."
Under the proposed Plan of Reorganization, holders of common stock of the company would not receive a distribution. Instead, these equity interests would be cancelled as of the effective date, and the company would be owned principally by its general unsecured creditors who would receive a pro rata share of new equity of the reorganized businesses.
A court hearing to review the adequacy of the Disclosure Statement will be scheduled following the filing.