BI-LO, committee granted exclusivity extension to reach shared plan

By Caroline Salls

Pittsburgh, Oct. 7 - BI-LO, LLC and its official committee of unsecured creditors received an extension to the exclusive periods to file a plan of reorganization and solicit votes on the plan, but the U.S. Bankruptcy Court for the District of South Carolina said it would allow the committee to file a competing plan if the parties are unable to reach a consensus before the deadlines.

Specifically, the exclusive plan-filing period was extended to Nov. 20 from Oct. 7, and the solicitation period was extended to 60 days from Nov. 20.

The exclusive periods will apply to the company and the committee as a plan sponsor or co-sponsor.

According to the order, the company's representatives will likely move forward quickly to sell a substantial portion of BI-LO's assets, although they expressed a willingness to consider all possible options for emergence.

BI-LO, a Greenville, S.C., supermarket operator, filed for bankruptcy on March 23, 2009. The Chapter 11 case number is 09-02140.

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