Tops Markets LLC (“Tops” or the “Company”) today (Aug. 31) announced that it has filed a Plan of Reorganization (the "Plan") and a related Disclosure Statement with the United States Bankruptcy Court for the Southern District of New York.
The Plan incorporates the Company’s court-approved agreements with its unions and is supported by certain of the company's senior secured lenders that hold more than 87 percent of its Senior Secured Notes due 2022.
"The filing of our Plan moves Tops another step closer to a successful completion of our financial restructuring," said Frank Curci, CEO of Tops. “We are pleased to submit a plan that will establish a sustainable capital structure and provide the financial flexibility to create an even more exceptional shopping experience for our customers and emerge from this process as a stronger competitor.”
Curci added, "We thank our employees for maintaining our high quality of customer service and dedication to Tops, as well as our loyal customers, suppliers and other stakeholders for their support as we progress through this process."
A hearing to consider approval of the Disclosure Statement is scheduled for Sept. 27. Following approval of the Disclosure Statement, the company intends to seek confirmation of the Plan on Nov. 8.
Additional information is available on Tops’ restructuring website at www.topsrestructuring.com or by calling Tops’ Restructuring Hotline, toll-free in the United States, at (888) 764-7358. For calls originating outside of the United States, please dial (503) 520-4457. Court documents and additional information can be found at a website administrated by the Company’s claims agent, Epiq, at http://dm.epiq11.com/TOPS.
Weil, Gotshal & Manges LLP is serving as legal counsel to Tops, Evercore is serving as Investment Banker and FTI Consulting, Inc. is serving as restructuring advisor.
Tops Markets, LLC, is headquartered in Williamsville and operates 169 full-service supermarkets with five additional by franchisees under the Tops Markets banner. Tops employs over 14,000 associates and is a leading full-service grocery retailer in Upstate New York, Northern Pennsylvania, and Vermont. For more information about Tops Markets, visit the company's website at www.topsmarkets.com.