Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

Tops Holding II Chapter 11 Petition Filed

Tops Holding II and 24 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 18-22279. The Company, which operates supermarkets through subsidiary Tops Holding, is represented by Ray C. Schrock of Weil, Gotshal & Manges. According to documents filed with the Court, "In the period leading up to the commencement of these Chapter 11 Cases, the Company has faced various labor-related challenges....The most significant factor leading to the commencement of these chapter 11 cases is the amount of debt on the Company's balance sheet….[T]ransactions undertaken by prior ownership burdened the Company with unsustainable leverage. The Company, in consultation with its advisors, has concluded that the Company's existing debt cannot be refinanced under current market conditions." The Debtors filed for bankruptcy protection in order to implement a restructuring with three core objectives: (i) deleveraging the balance sheet; (ii) analyzing leases and supply agreements and (iii) constructively engaging with the United Food and Commercial Workers International Union and Teamsters Local.

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