Lone Star to Remain Majority Owner
William Blair & Company is pleased to announce that its client, BI-LO, L.L.C., has completed its financial restructuring and emerged from protection under Chapter 11 of the United States Bankruptcy Code. William Blair & Company served as financial advisor to BI-LO for the financial restructuring.
“Today is a great day for BI-LO, our teammates, and our loyal customers,” said Michael Byars, president and chief executive officer, in a recent news release.“With our financial restructuring behind us, we are emerging from Chapter 11 with a strengthened balance sheet and enhanced financial flexibility that positions BI-LO for continued success in the markets in which we operate.”
BI-LO will keep most of its stores open—207 retail locations with 114 pharmacies—and will continue to operate in markets across South Carolina, North Carolina, Georgia, and Tennessee.
BI-LO, based in Mauldin, South Carolina, filed a voluntary petition for Chapter 11 protection in March 2009. U.S. Bankruptcy Court approved the reorganization plan on April 29, allowing the company to reduce its debt by $60 million. Lone Star Funds, a Dallas-based private-equity firm, was the sponsor of BI-LO’s plan of reorganization through a $150 million equity investment, and will remain majority owner of BI-LO.
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