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Credit Crunch Forces Grocery Chain Bi-Lo Into Ch. 11

Law360 (March 23, 2009, 12:00 AM EDT) -- Southern supermarket chain Bi-Lo LLC voluntarily filed for bankruptcy protection Monday ahead of an upcoming debt maturity, blaming the ongoing credit crisis for the move.

Bi-Lo also filed several first-day motions in the U.S. Bankruptcy Court for the District of South Carolina to secure cash collateral to continue paying employee wages and salaries and to retain Nelson Mullins Riley & Scarborough LLP as counsel.

The company's stores will remain open and operations will continue as normal throughout the restructuring process, Bi-Lo said in a statement....
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