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Article: Richfood Settles for Lower Debt in Norfolk, Va.-Based Grocers' Reorganization.
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- June 26, 2002
CopyrightCOPYRIGHT 2002 The Virginian-Pilot. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joanne Kimberlin
Jun. 26--NORFOLK, Va.--The doors will stay open at Camellia's supermarkets.
At least for now.
The bankrupt owner of roughly 25 small- to mid-sized grocery stores bearing the names Be-Lo, Fresh Pride, Meatland or Food City filed a reorganization plan in federal court Tuesday morning that was acceptable to all sides.
Pending shareholder approval of the plan, the Norfolk-based Camellia Food Stores Inc. will begin paying off its debts.
At least a portion of them.
Richfood Holdings Inc. -- Camellia's primary food supplier -- agreed to settle for less than half of the $26.2million it's owed.