Eagle Food Centers' disclosure statement gets confirmation

By Jeff Pines

Washington, Jan. 30 - Eagle Food Centers, Inc.'s disclosure statement for liquidating the company was confirmed, according to a Jan. 29 filing with the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division.

Votes for or against the rejecting the plan are due by March 15.

A hearing to confirm the plan is scheduled for March 25 in Chicago. Objections are due by March 12.

Holders of an estimated $150 to $170 million of general unsecured claims are expected to receive a recovery of between 7.0% and 12.6%. This class includes holders of Eagle Food's 11% senior notes due 2005, of which $64 million was outstanding out of the original $85 million at the time of its Chapter 11 filing. Noteholders also have a claim for $3 million of pre-bankruptcy accrued interest.

Eagle is a Milan, Ill., regional supermarket chain. It filed for Chapter 11 on April 7.

The case number is 03-15299.

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