Winn-Dixie emerges from bankruptcy
Nov 22, 2006 10:31 AM, from staff and wire reports
Winn-Dixie Stores Inc and its domestic subsidiaries officially ended their Chapter 11 reorganization November 21. The company has met all closing conditions of its plan of reorganization, which was confirmed by the United States Bankruptcy Court for the Middle District of Florida.
In conjunction with its emergence from Chapter 11, Winn-Dixie has closed on its new $725 million exit financing facility provided by a consortium led by Wachovia Bank. This financing will be available to support the company as it invests in its current store base, develops new stores, and takes other actions to position it to compete effectively over the next several years. The company also expects to emerge with only a minimal amount of long-term debt on its balance sheet.
Winn-Dixie's pre-plan common stock (which has traded with the symbol WNDXQ) has been canceled. The company will issue new shares of Winn-Dixie common stock in payment of bankruptcy claims. New shares will be issued within the next 45 days, and these shares have been approved for quotation on the NASDAQ national market system. As of Nov 22, 2006, the new shares will trade on a "when-issued" basis under the symbol WINNV. Once the company issues the new shares, they will trade under the symbol WINN.
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