Bashas' Ch. 11 Plan Confirmed

Law360, New York (August 13, 2010, 7:26 PM EDT) -- A bankruptcy judge on Friday approved the Chapter 11 reorganization plan of Arizona-based grocer Bashas' Inc., deeming the “ambitious” proposal, which aims to pay back creditors in full, feasible and fair.

Judge James M. Marlar of the U.S. Bankruptcy Court for the District of Arizona signed off on the plan, which calls for Bashas' to repay unsecured creditors at a 5 percent interest rate and pay back secured lenders at an 8.5 percent contract interest rate over a three-year period.

Bashas' filed for Chapter 11 bankruptcy...
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