Fleming Companies files Chapter 11 petition
Apr 1, 2003 12:00 PM, from staff and wire reportsFleming Companies, a Lewisville TX-based supplier for supermarkets and other retail stores, has announced and its operating subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. Filings were made April 1 in the US Bankruptcy Court in Wilmington DE. Fleming intends to use the Chapter 11 process to restructure its business operations and finances. The purpose of the filing is to allow the company to establish an improved capital and cost structure, and position itself for long-term success upon emergence from Chapter 11.
The company is open and conducting business at all facilities. Fleming is negotiating with its lenders on the terms of debtor-in-possession financing and expects to announce further progress soon. Additionally, the company said it continues to receive supplies and service its customers.
“Fleming remains focused on serving its customers and expects to file motions with the bankruptcy court to establish a critical vendor program and to enable the company to pay all of its associates on time and in the usual manner,” said Peter Willmott, interim president and chief executive officer.