Brief: Fairway Market Secures Financing For Voluntary Chapter 11 To Facilitate Sale Of Assets

Village Super Market

23/01/2020 07:25

Jan 23 (Reuters) - Fairway Market: 
    * FAIRWAY MARKET - ENTERS INTO ASSET PURCHASE AGREEMENT TO SELL 5 NEW YORK CITY STORES
    * FAIRWAY MARKET - ENTERS INTO ASSET PURCHASE AGREEMENT TO ALSO SELL DISTRIBUTION CENTER,
SUBJECT
TO COURT SUPERVISED AUCTION PROCESS
    * FAIRWAY MARKET SECURES FINANCING FOR VOLUNTARY CHAPTER 11 TO FACILITATE SALE OF ASSETS
    * FAIRWAY MARKET - STORES TO REMAIN OPEN ACROSS THE TRI-STATE AREA DURING THE COURT PROCESS
WITH
NO SERVICE INTERRUPTIONS EXPECTED
    * FAIRWAY MARKET - ENTERED INTO A STALKING HORSE ASSET PURCHASE AGREEMENT WITH VILLAGE SUPER
MARKET, INC
    * FAIRWAY MARKET - TO SELL UP TO 5 NEW YORK CITY FAIRWAY STORES AND ITS DISTRIBUTION CENTER
FOR
APPROXIMATELY $70 MILLION
    * FAIRWAY MARKET - COMPANY WILL EXECUTE A COURT SUPERVISED SALE PROCESS TO CONTINUE TO
NEGOTIATE
FOR THE SALE OF ITS REMAINING STORE LOCATION
    * FAIRWAY MARKET -  AD HOC GROUP OF COMPANY'S SENIOR LENDERS HAVE AGREED TO PROVIDE COMPANY
WITH
UP TO $25 MILLION IN DEBTOR IN POSSESSION FINANCING

Source text for Eikon:  ID:nPnHXn8na 
Further company coverage:  VLGEA.O 

 ((Reuters.Briefs@thomsonreuters.com;))