Fleming Receives Final Approval for Financing Package, Trade Vendor Program
DALLAS - Fleming Companies Inc. on Tuesday said it has received final approval from the U.S. Bankruptcy Court for its $150 million secured debtor-in-possession financing package and its junior trade lien program. The Dallas-based grocery distributor also received court approval for its critical trade vendor program, which is expected to contribute to the resumption of normalized business relationships with vendors.
In addition, Fleming has announced the appointment of Ted Stenger of AlixPartners, an international leader in corporate restructuring and turnaround services, as chief restructuring officer.
Fleming also said it is seeking to retain the Blackstone Group, a leading investment bank, as financial advisors in its restructuring.
"With our financing approved and a new leadership team that combines restructuring and operating expertise, we have crossed very important milestones in our reorganization process," said Pete Willmott, interim president and CEO.
In addition, Fleming has announced the appointment of Ted Stenger of AlixPartners, an international leader in corporate restructuring and turnaround services, as chief restructuring officer.
Fleming also said it is seeking to retain the Blackstone Group, a leading investment bank, as financial advisors in its restructuring.
"With our financing approved and a new leadership team that combines restructuring and operating expertise, we have crossed very important milestones in our reorganization process," said Pete Willmott, interim president and CEO.