Bruno’s files voluntary Chapter 11 petition
Feb 9, 2009 11:59 AM
Bruno’s Supermarkets LLC, owner and operator of Bruno’s and Food World, filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Alabama to restructure operations to focus on its core strengths.
The company intends to work with all of its constituencies to reach mutually acceptable resolutions and to exit bankruptcy as expeditiously as possible. Bruno’s operations are expected to continue uninterrupted throughout the bankruptcy process and while the firm executes its reorganization plans.
Bruno’s also appointed Jim Grady, senior director with Alvarez & Marsal, as chief restructuring officer, effective immediately. He replaces Kent Moore, the company’s chief executive officer since October 2, 2007, who resigned recently to pursue other opportunities.
The company believes that its cash from operations will be sufficient to meet normal business obligations. To augment its current cash position, Bruno’s is working to negotiate a commitment for a debtor-in-possession financing package.
For access to court documents and other general information about the Chapter 11 cases, visit www.kccllc.com.
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