Court OKs sale of Fleming wholesale operation
Jul 18, 2003 12:00 PM, from staff and wire reportsThe United States Bankruptcy Court has approved procedures for the sale of Fleming Companies Inc’s grocery wholesale operation. As previously announced, Fleming and C&S Wholesale Grocers Inc signed a definitive asset purchase agreement to sell Fleming’s wholesale grocery business to C&S.
Sale procedures provide for other bidders to submit offers by July 28, with an auction July 31. The final sale hearing would be held Aug 4, 2003 and the closing date for the sale would be expected in mid-August.
This sale is contingent upon fulfilling closing conditions, obtaining regulatory approvals, and reaching satisfactory resolution of cure claims arising under executory contracts which may be assigned to C&S in the bankruptcy process.
Fleming’s Core-Mark convenience business, which operates as a separate entity, is not affected by this action.
Lewisville TX-based Fleming and its operating subsidiaries filed voluntary petitions April 1, 2003, for reorganization under Chapter 11 of the US Bankruptcy Code.