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Article: CREDITORS ACCEPT CAMELLIA'S LATEST REORGANIZATION PLAN.(BUSINESS)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- June 26, 2002
CopyrightCOPYRIGHT 2002 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. 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 THE VIRGINIAN-PILOT
NORFOLK -- 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 $26.2 million it's owed. ...