A&P cash collateral use extended to Feb. 29; DIP facility paid off

By Caroline Salls

Pittsburgh, Jan. 29 – The Great Atlantic & Pacific Tea Co., Inc.’s (A&P) access to the cash collateral of its pre-bankruptcy PIK notes secured parties and pre-bankruptcy convertible notes secured parties has been extended to Feb. 29, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

Without access to cash collateral, A&P said it would not have enough available sources of working capital to preserve the value of its assets.

The company said it paid off its debtor-in-possession facility in November with a $67.46 million payment.

A&P, a Montvale, N.J.-based operator of supermarkets, filed for bankruptcy on July 19, 2015. The Chapter 11 case number is 15-23007.

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