Arizona grocery business awaits judge's decision
Bashas' plan to get out of bankruptcy protection is opposed by some creditors while supported by others.
After filing bankruptcy documents last year, grocery-store chain Bashas' Inc. will get a ruling soon as to whether its plan to emerge from financial protection will be approved.
According to a report from the Associated Press, Judge James Marlar said that he will come to a determination soon on the Arizona-based business' strategy for getting out of bankruptcy protection. However, the plan is opposed by financial institutions that have about $200 million of Bashas' secured debt.
Those companies say that the plan may lead to Bashas' not being able to pay back its creditors. However, the grocery-store business' unsecured creditors are in favor of the proposal. Closing arguments in the case were heard by the judge recently.
"The Chandler-based company has 130 markets across the state and has been operating under Chapter 11 bankruptcy protection since July 2009," the AP said.
Another organization in the state, the Arizona Heart Institute, recently announced it will join with Vanguard Health Systems as part of the former's bankruptcy plan. The purchase is still subject to court approval.
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