WILLIAMSVILLE, NY – Tops Markets, LLC today (August 31) announced that it has filed a Plan of Reorganization and a related Disclosure Statement with the United States Bankruptcy Court for the Southern District of New York.
The plan incorporates the company’s court-approved agreements with its unions and is supported by certain of the company’s senior secured lenders that hold more than 87% of its Senior Secured Notes due 2022.
“The filing of our plan moves Tops another step closer to a successful completion of our financial restructuring,” said Frank Curci, Chief Executive Officer of Tops. “We are pleased to submit a plan that will establish a sustainable capital structure and provide the financial flexibility to create an even more exceptional shopping experience for our customers and emerge from this process as a stronger competitor.”
Curci added, “We thank our employees for maintaining our high quality of customer service and dedication to Tops, as well as our loyal customers, suppliers and other stakeholders for their support as we progress through this process.”
A hearing to consider approval of the Disclosure Statement is scheduled for September 27. Following approval of the Disclosure Statement, the company intends to seek confirmation of the plan on November 8.
Tops officials declined to give further comments / details.