Grocery Chain's Ch. 11 Plan OK'd After $96M Sale To Acme

Law360 (February 22, 2021, 3:19 PM EST) -- The owner of the Kings Food and Balducci's supermarket chains received approval Monday from a New York bankruptcy judge for its Chapter 11 wind-down plan that will distribute the proceeds of a $96 million asset sale to its creditors.

During a virtual hearing, debtor attorney Vincent Indelicato of Proskauer Rose LLP credited the success of the case to the more than 3,000 workers at KB US Holdings Inc.'s stores that kept them running during the pandemic and allowed for the sale to Albertsons Cos. subsidiary Acme.

"Their commitment never wavered and as a result the debtors can today confirm a plan...

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